Glenmark implements Business Re-organisation

Glenmark Pharmaceuticals Ltd has announced that it has implemented the re-organisation of its business into Speciality and Generics. The reorganization process had begun in Q3 FY 2007-08.
The reorganization was essential as both Glenmarks Speciality and Generics business has grown rapidly, posing a challenge of managing two diverse businesses that had both attained a critical mass. The reorganization aims to promote sharper focus on generics and specialty as separate businesses with distinctive needs, skill-sets, objectives and growth imperatives and aligned management teams.
As a result of the reorganization, Glenmark has transferred its Generics and Active Pharmaceutical Ingredients (API) businesses to its subsidiary - Glenmark Generics Ltd (GGL). GGL is guided to generate USD 180 Mn in Net Sales in FY08 and USD 255 Mn in FY09.
Mr. Terrance Coughlin (erstwhile President - API and US Generics, Glenmark) has been appointed as the CEO of GGL. Mr. Glenn Saldanha will function as the Chairman of Glenmark Generics Ltd. Glenn has been responsible for launching and running Glenmarks generic and API businesses.
Mr. Pushpinder Bindra comes aboard GGL as Chief Operating Officer.
Speaking on this development, Mr. Glenn Saldanha, CEO & MD, Glenmark Pharmaceuticals Ltd, said, The business reorganization marks the beginning of a new era in the life of Glenmark. He further elucidates, If Glenmarks recent growth was divided in phases, with the period of 2003-07 being the first phase of growth where the Company transformed from an India-centric branded generics player into a global, researched based, integrated Pharma Company in manufacturing and marketing. Here, begins the second phase, where the Company aims to become a global end to end specialty Company with capability to research, develop and launch its own differentiated branded products. On the Generics side of its business, GGL aims to be a global integrated generic and API leader.
Going forward, GGL will handle the development, manufacture and distribution of generic formulation and API businesses. The parent Company Glenmark Pharmaceuticals Ltd continue to directly manage the novel R&D, biologics and branded formulation businesses of the Glenmark group including India, Brazil, Rest of Latin America (excluding Argentina), Russia/CIS, Africa and Asia.
The Generics business will inherit Glenmarks Goa plant for formulations, the three API plants in India, sales units in the USA and UK and the Argentina oncology operations. In addition, a group from R&D focused on API and Formulation Development will also move to the generics Company.
The branded business will remain in Glenmark Pharmaceuticals and retain all remaining assets, branded sales groups in India and overseas and all remaining R&D operations related to NCEs, Biologics and formulation development for brands.

Maharashtra''s annual Plan pegged at Rs 25,000cr

The Plan outlay of Maharashtra for 2008-09 has been estimated at Rs 25,000 crore comprehensive of additional Central Assistance of Rs 250 crore for projects of special interest to the State. This was accorded at a meeting between the Deputy Chairman Planning Commission, Mr Montek Singh Ahluwalia, and the Chief Minister of Maharashtra, Mr Vilasrao Deshmukh. Mr Ahluwalia said performance in both human development and growth rate of the State was satisfactory as it is all set to achieve growth rate above national target for the Eleventh Plan. Improving urban infrastructure, housing, irrigation and agriculture should be given precedence during the Eleventh Plan.

LIC to start card business in September

Life Insurance Corporation of India (LIC) will be rolling out the credit card business by the first week of September. LIC will ink an agreement with joint venture partners for the purpose. The insurance behemoth will set up a joint venture firm called LIC Card Services in accordance with RBI guidelines. The central bank requires the formation of a new registered entity before a foray into the credit card business.

The payment gateway could be either Visa or Mastercard. LIC is engaged in talks with both, according to a senior company executive. LIC would own the largest stake in the JV, around 40 per cent, followed by GE Money India at 30-35 per cent. The insurer had signed a memorandum of understanding with GE Money India, Corporation Bank, LIC Housing Finance and LIC Mutual Fund in September last year to create a credit card company. Some loose ends would have to be tied up before the credit cards are finally launched. LIC has already linked its 2048 offices across the country through a software network to provide multi-city facilities to its customers and is in the process of checking the software platforms. LIC is also fine-tuning the channel networks and merchant establishments that would support the marketing of its credit card. LIC would offer the facility of unsecured loans against the credit card. It would also allow policy premiums to be paid through its own credit card. LIC a database of 19 crore policy holders and aims to add around 1 crore customers in three years. It is confident of having a network of 32 crore policy holders by 2011. It has 14 lakh agents and is adding 1.5 lakh every year.

UTI Asset Management to sell 20-pc stake

UTI Asset Management Company is all set to offload around 20 per cent stake to a clutch of strategic investors through a pre-initial public offering (IPO) placement. Altogether, the company would look at selling up to 49 per cent stake to public and a clutch of strategic investors. In January this year, UTI Asset Management Company Ltd had filed the draft red herring prospectus with the market regulator to enter the capital market with an IPO of 4.85 crore equity shares of Rs 10 each through an offer for sale by the selling shareholders. Its four sponsors and the selling shareholders are the State Bank of India, Life Insurance Corporation of India, Punjab National Bank and Bank of Baroda. The offer also comprises a reservation of equity shares for subscription by employees and the offer to the public.

ICICI Bank clarifies on news item

With reference to the news item appearing in a leading web portal titled, ICICI Bank has lost $ 264 Mn till Jan 31 on subprime crisis, ICICI Bank Ltd has clarified as under:

ICICI Bank Ltd has no material direct or indirect exposure to US sub-prime credit. The widening of credit spreads in the international markets have resulted in a negative mark-to-market impact on the credit derivatives and fixed income investment portfolios of the Bank and its overseas banking subsidiaries, while there has been no significant deterioration in actual credit quality of the underlying investments.

ICICI Bank and its overseas banking subsidiaries have an aggregate exposure of USD 2.2 billion in credit derivatives. As of January 31, 2008, the mark-to-market negative on this portfolio due to movement of credit spreads was about US$ 155 million of which USD 88 million had been provided for in the financial statements of the bank and its subsidiaries for the nine months ended December 31, 2007.

In addition, ICICI Bank and its overseas banking subsidiaries have fixed income investment portfolios which have a mark-to-market negative due to widening of credit spreads. As of January 31, 2008 this negative was about US $108 million of which US $ 101 million had been accounted for in the financial statements as of December 31, 2007. This includes mark-to-market on the available for sale portfolio which has been accounted for in the shareholders'' equity.

It may be noted that unrealized gains on ICICI Bank''s other investment portfolio has not been considered in above.

Uflex - Result of Postal Ballot

Uflex Ltd has informed that the members of the Company, by way of Postal Ballot, have passed the following special resolutions, with requisite majority:

1. To increase the total holding limit of all Foreign Institutional Investors upto 74% of the paid-up equity share capital or paid up value of the convertible debentures of the Company.

2. For preferential issue of equity shares having face value of Rs 10/- each to (a) M/s. Tegraceen Holding Ltd, Cyprus and (b) M/s. Vesteffect Ltd, Cyrus.

3. For preferential issue of warrants to (a) M/s. Tegraceen Holdings Ltd, Cyprus and (b) M/s. Vesteffect Ltd, Cyprus.

4. To issue equity shares / any other equity related instrument / Global Depository Shares / American Depository Shares / Foreign Currency Convertible Bonds etc to Resident or Foreign Investors.

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