Piramal Group’s PE fund to raise $185 million
IndiaVenture Advisors, a private equity fund owned by Indian drugmaker Piramal Enterprises, is planning to raise up to R1,000 crore ($185 million) for a new fund that will invest in healthcare and education, its chairman said. Investors have stepped up ploughing money into the healthcare sector in India, home to more than 1.2 billion people, betting on steadier returns than in other businesses that have been hit by an economic slowdown. “It’s a defensive sector and is recession-proof,” IndiaVenture chairman AK Purwar told Reuters.
L&T IDPL achieves financial closure of Maha projects
L&T Infrastructure Development Projects (L&T IDPL), a subsidiary of Larsen & Toubro, has achieved financial closure for two of its road projects in Maharashtra. An ICICI Bank-led consortium will be funding the R3,400 crore debt component of the projects, estimated to cost around R4,500 crore. With these, the company has achieved financial closure for its entire portfolio of 19 projects, said K Venkatesh, chief executive and managing director, L&T IDPL.
Government to infuse R2,000 cr into Air India
India will infuse R2,000 crore ($370 million) in equity into ailing carrier Air India as part of a turnaround and financial restructuring plan, a government statement said on Friday. Last year, the government approved a $5.8 billion bailout plan for the national carrier. The latest equity infusion is part of that plan.
Pfizer completes sale of animal health business
Drug major Pfizer on Friday said it has completed the sale of its subsidiary PAPPL to Pfizer Animal Health India (PAHIL), which is owned by US-based Pfizer, for R471.60 crore. “..transaction of the sale of the entire equity stake by the company and its nominees in PAPPL (Pfizer Animal Pharma) to PAHIL has been completed and the company has received the consideration amount of R471.60 crore,” Pfizer said in a filing to BSE. Pfizer had said earlier that the development is part of a global internal re-organisation taken up by its parent, Pfizer, in July 2011 under which it was reviewing strategic alternatives for its global animal health business.
Claris in JV with Japan’s Otsuka, Mitsui
Claris Lifesciences has formed a joint venture with Japan’s Otsuka Pharmaceutical Factory, and Mitsui for its infusion business in India and emerging markets. Claris will transfer businesses like common solutions, anti-infectives, plasma volume expanders and parenteral nutrition therapies to the JV, in which it will hold 20% stake, Otsuka 60% and Mitsui 20%. The business