Ranbaxy board okays de-merger of R&D unit
Pharmaceutical major Ranbaxy Laboratories Ltd has approved the hiving off of its research and development unit New Drug Discovery Research (NDDR) into a new subsidiary called Ranbaxy Life Science Research Ltd (RLSRL). As per the de-merger scheme shareholders will get one share of the new entity for every four shares held by them at present. The company said that the spin off will result in cost savings of about $25 million in the current year
ABB net up on robust order inflows
Buoyed by robust order inflows and a strong showing by power and automation businesses, ABB Ltd has reported a 34% jump in net profit at Rs 180.8 crore for the quarter ended December 31, 2007. The total income rose 30% to Rs 1,864.8 crore during the quarter. For the year ended December 31,2007, the company reported a 44% jump in net profit at Rs 491.7 crore, with total income rising 38% to Rs 6,001.4 crore. It has declared a dividend of 110 per cent (Rs 2.20 on each share with face value of Rs 2).
Biz jets on rent, next big play from Indian Hotels
Indian hotels, which is already in the business of private jet space with a company called Taj Air is now investing in BJets, a business jet operator, which intends to start services in May 2008. However this deal of BJets is independent of Taj Air. According to sources, Indian Hotels will be investing 36 to 37%, in a newly floated company, BJETS, in partnership with Singapore-based Briley Group. Briley, which has interests in aviation, hospitality and BPO around the globe, will be the majority owner in the company.
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