Bizbits

Bizbits

Cadila plans IPO in Feb
MUMBAI: Cadila Healthcare, one of India's leading pharmacuetical companies, will tap the equity market with an initial public offering (IPO) through the book-building route in February, a statement from Zydus Cadila said. Cadila Healthcare is part of the Zydus Group and plans to offer 7.4 million shares to the public, the statement said. "The issue proceeds will be utilised for part funding ongoing projects. The projects include the new plant at Moraiya, the new, dedicated drug plant at Ankaleshwar (Gujarat) and the state of the art research and development," the company said.

The total project cost is estimated at Rs 2.7 billion. The company's sales in 1998/99 stood at Rs 3.61 billion and it made a profit of Rs 362.5 million. The company said turnover in 1999/200 was expected to be around Rs 4.75 billion and Rs 5.6 billion in 2000/2001. The company has entered into a strategic joint venture with Byk Gulden of Germany, a global pharma major and the worldwide patentholder of the novel proton pump inhibitor "Pantoprazole". The issue will be managed by JM Morgan Stanley, Kotak Mahindra Capital and DSP Merrill Lynch.

RPL bags 12 oil blocks under NELP
NEW DELHI: Reliance Petroleum today bagged half of the 25 oil exploration blocks awarded by the Indian government under the new exploration and licensing policy.

According to an official spokesman, bids for two on land, seven deep water offshore and 16 shallow water offshore blocks were cleared. He said the deep water blocks beyond 400 meter isobath were offered for the first time in India and this has opened a new prospective area for hydrocarbon exploration. The government had received 45 bids for the 27 blocks, 21 companies comprising 10 foreign firms, six Indian private companies and five public sector enterprises participated in the NELP bidding. Bids for 2 blocks were rejected as the were incomplete and ``non-responsive.''

The Cabinet Committee on Economic Affairs (CCEA) also partially modified thestate surcharge scheme of the petroleum ministry to make it equitable and pave the way for movement of controlled petroleum products from the six stand-alone refineries. These refineries are Bongaigoan Refineries and Numaligarh in Assam, Reliance petroleum in Gujarat, Mangalore, Cochin and Madras refineries.