Sumeet's Feed
Jan 22, 2015

India, U.S. near tax pact to boost foreign investment

MUMBAI (Reuters) – India is set to strike a bilateral tax agreement with the United States as early as this weekend, hoping to boost foreign investment and ease concerns raised by bruising disputes including cases against Vodafone and Shell.

The pact, which industry executives say would specifically target the prickly issue of transfer pricing, is part of the Indian government’s broader push for bilateral tax deals with top trading partners including Britain.

Jan 20, 2015

Investment vehicle eyes flagship Sahara hotels in $2 bln bailout for Subrata Roy

MUMBAI (Reuters) – An investment vehicle lining up a $2 billion package to help bail the boss of India’s troubled Sahara out of jail said it expects to ultimately take control of landmark hotel assets like New York’s Plaza after the conglomerate fails to repay lenders.

Saransh Sharma, a San Jose, California-based investor leading the rescue plan, told Reuters in an interview he doesn’t think Sahara will be able to pay off the more than $1.5 billion it plans to borrow to cover bail terms for Subrata Roy, one of India’s most flamboyant businessmen. Sharma said that will help his fund, Mirach Capital Group, take over the hotels at a bargain price.

Jan 14, 2015

India rejects Gilead’s Hepatitis C drug patent request

MUMBAI, Jan 14 (Reuters) – India’s patent office has
rejected an application from U.S.-based Gilead Sciences Inc
for its hepatitis C drug Sovaldi, paving the way for
local drugmakers to launch cheaper generic versions of the
$1,000-a-pill medicine.

The application had been opposed by Indian generic drugmaker
Natco Pharma Ltd and New York-based Initiative for
Medicines, Access & Knowledge (I-MAK) on the grounds that the
drug, chemically called sofosbuvir, is not inventive enough
compared with a previous formulation, according to patent office
order documents seen by Reuters on Wednesday.

Jan 13, 2015

Delhi High Court bars Cipla from selling copy of Novartis respiratory drug

MUMBAI (Reuters) – The Delhi High Court has barred generic drugmaker Cipla Ltd(CIPL.NS: Quote, Profile, Research) from making or selling a cheaper copy of Novartis AG’s(NOVN.VX: Quote, Profile, Research) respiratory drug Onbrez domestically, citing infringement of patents held by the Swiss company.

Cipla, India’s fourth-largest generic drugmaker by revenue, had launched its copy of Onbrez in New Delhi in October last year at a fifth of the original drug’s price, citing urgent unmet need in India.

Jan 13, 2015

India court bars Cipla from selling copy of Novartis respiratory drug

MUMBAI (Reuters) – An Indian court has barred Indian generic drugmaker Cipla Ltd from making or selling a cheaper copy of Novartis AG’s respiratory drug Onbrez domestically, citing infringement of patents held by the Swiss company.

Cipla, India’s fourth-largest generic drugmaker by revenue, had launched its copy of Onbrez in New Delhi in October last year at a fifth of the original drug’s price, citing urgent unmet need in India.

Dec 17, 2014

Sahara awaits court verdict that may give jailed chief Roy freedom

MUMBAI (Reuters) – Embattled conglomerate Sahara is readying for a court verdict on Wednesday that will determine if it can take on a new loan and refinance debt on its overseas hotels, including the Plaza in New York, to secure the release of its jailed chief.

Sahara Chairman Subrata Roy has been held in a New Delhi jail for more than nine months now in Sahara’s long-running dispute with the country’s capital markets regulator. The feud is over the company’s alleged failure to repay, with interest, billions of dollars it had raised in bonds that were later ruled to be illegal.

Dec 17, 2014

India’s Sahara awaits court verdict that may give jailed chief freedom

MUMBAI, Dec 17 (Reuters) – Embattled Indian conglomerate
Sahara is readying for a court verdict on Wednesday that will
determine if it can take on a new loan and refinance debt on its
overseas hotels, including the Plaza in New York, to secure the
release of its jailed chief.

Sahara Chairman Subrata Roy has been held in a New Delhi
jail for more than nine months now in Sahara’s long-running
dispute with the country’s capital markets regulator. The feud
is over the company’s alleged failure to repay, with interest,
billions of dollars it had raised in bonds that were later ruled
to be illegal.

Dec 17, 2014

Japan banks to bulk up India presence on improving ties

MUMBAI, Dec 17 (Reuters) – Faced with a shrinking economy
and tepid loan demand at home, Japan’s largest banks are looking
to bolster their presence in India, enthused by Prime Minister
Narendra Modi’s reform agenda and improving ties between the two
countries.

While some European and U.S. lenders are sitting on the
fence after being bruised by the country’s sharp slowdown,
Japanese banks are betting aggressively on Modi’s pledge to
restart growth and attract foreign investment.

Dec 14, 2014

Xiaomi’s India smartphone ban exposes wider patent risk

MUMBAI/BEIJING, Dec 14 (Reuters) – The court order that
banned Chinese mobile maker Xiaomi from selling its phones in
India has halted its breakneck expansion into the world’s
fastest growing major smartphone market and could be just the
start of a string of patent challenges.

Xiaomi Technology only started selling in India in
July and quickly became the country’s fastest growing smartphone
brand; with minimal marketing, it is already outselling even
low-cost smartphones running Google’s Android One.

Dec 8, 2014

Infosys founders sell stakes for $1.1 bln as new CEO boosts growth prospects

HONG KONG/MUMBAI, Dec 8 (Reuters) – Some of the founders of
Infosys Ltd sold shares worth $1.1 billion in India’s
second-largest IT services exporter on Monday, cashing in on a
more than 20 percent gain in the stock since the company picked
its first outsider as chief executive.

The shares were sold by N.R. Narayana Murthy, Nandan
Nilekani, S.D. Shibulal and K. Dinesh, members a group of seven
engineers who founded Infosys in 1981 by pooling together $250,
stock market filings showed.