ADANI TRANSMISSION
Adani Transmission announces completion of Qatar Investment Authority investment in Adani Electricity Mumbai Limited
Adani Transmission Limited (ATL) today announced that Qatar Investment Authority (QIA) has completed acquisition of 25.10% stake in Adani Electricity Mumbai Limited (AEML) from ATL along with an investment in shareholder subordinated debt in AEML (“Transaction”) on 10 February, 2020. The total QIA investment in AEML is approximately INR 3,220 Crore (approximately USD 452 million), which includes equity consideration of approximately INR 1,210 Crore (approximately USD 170 million) and shareholder subordinated debt of USD 282 million (approximately INR 2,010 Crore).
The definitive agreements for the Transaction were signed on 11 December 2019, and all the requisite approvals were received subsequently.
AEML has recently completed an investment grade, USD 1 billion bond issuance, the first by a private integrated utility from India. The issue generated significant interest from international investors and was oversubscribed by 5.9x.
Entire equity proceeds of 25.1% stake sale in AEML has been used by ATL towards return of the Perpetual to the tune of INR 1,209.62 Crore in favor of contributory promoter entity. Perpetual was infused by Promoter entity to acquire AEML. Post return of INR 1,209.62 Crore, Promoter Perpetual outstanding has got reduced to INR 2,544.38 Crore. AEML is the licensee for an integrated power distribution, transmission and generation business that currently serves more than 3 million consumers across a license area of approximately 400 square kilometers in the city of Mumbai, the world’s seventh largest city by size of population. AEML’s market share of Mumbai is approximately 87% by license area, 67% by consumers served and 55% by electricity supplied.
GRANULES INDIA
Granules India Limited announces tentative approval of Colchicine Capsules, 0.6 mg, generic equivalent of Mitigare® Capsules, 0.6mg of Hikma International Pharmaceuticals LLC.
Granules India Limited announced today that the US Food & Drug Administration (US FDA) has tentatively approved the Abbreviated New Drug Application (ANDA) filed by Granules Pharmaceuticals, Inc (GPI)., a wholly owned foreign subsidiary of Granules India Limited for Colchicine Capsules, 0.6 mg. It is bioequivalent to the reference listed drug product (RLD), Mitigare Capsules, 0.6 mg, of Hikma International Pharmaceuticals LLC.
“We are pleased to receive tentative approval for our 4th Paragraph IV ANDA and launch of the product will be as per our agreement with Hikma Pharmaceuticals USA Inc.,” said Priyanka Chigurupati, Executive Director, Granules Pharmaceuticals, Inc., commenting on the approval.
Granules now has a total of 22 ANDA approvals from US FDA (21 Final approvals and 1 tentative approval).
Colchicine capsules are indicated for prophylaxis of gout flares in adults
The Mitigare® brand and generic had U.S. sales of approximately $84 million MAT for the most recent twelve months ending in December 2019 according to IQVIA Health.
VAKRANGEE LTD
VAKRANGEE TO REVOLUTIONIZE RURAL HEALTHCARE IN INDIA: PLANS TO ROLLOUT TELEMEDICINE SERVICES FROM vHealth by AETNA (a CVS Health Company)
Vakrangee Limited (VL) announces alliance with vHealth by Aetna which is fully owned subsidiary of Aetna Inc, a CVS Health Company, one of the world’s leading health services providers, to offer a combination of Telemedicine services and privileged access to its nationwide network of hospitals and clinics.
vHealth brings a strong focus on clinical excellence, leveraging digital technology and a comprehensive network of healthcare partners to offer health checkups, blood tests, pharmacy services, dental, home health care etc. effectively bringing access to quality care into local communities, homes and offices.
vHealth by Aetna India is a fast growing, customer centric company offering single or multi-year memberships that focus on primary care, prevention and overall wellness, helping their more than 3 million members on their paths to better health
TCS
TCS Recognized as the #1 Top Employer in the United States for 2020
SONATA SOFTWARE
Sonata Software is rated as a leader in Engineering R&D services by Zinnov Zones 2019 in enterprise software and consumer software categories. According to Zinnov, Sonata Software is a leader across both enterprise and consumer software categories in the Zinnov Zones 2019 ratings. The firm has a robust software product engineering heritage with a platform led digital transformation focus. It’s increasing onshore presence and investments in new age areas such as DevOpS and advanced analytics have further strengthened its position over the years.
Zinnov Zones for Product Engineering Services is an annual rating from Zinnov for Global Technology Service Providers to assess the provider’s capability in Engineering R&D Services. This year Zinnov evaluated 38 service providers across the globe and Sonata has been rated as a leader for its capability to perform concept to go to market, ability to foster innovation through IPs, and ability to handle ER&D services for large ISVs. Read more on Zinnov’s ER&D services
RAMCO SYSTEMS
Classic Fashion Apparel Industry Ltd. Co. TRUSTS Ramco
• To manage HR & Payroll operations of 30,000+ employees across 13 Factory Facilities and 7 Satellite Units
• Ramco’s multi-linguistic chatbot, CHIA to enable employee transactions in Hindi and Bangla, in addition to English
– Classic Fashion Apparel Industry Ltd. Co., the largest apparel manufacturer in the Middle East with 28% share of Jordon’s total garment exports, has signed an agreement with global payroll software provider, Ramco Systems to implement Ramco’s Global Payroll and Workforce Management Solution, to automate payroll and time & attendance of its 30,000+ employees.
By choosing Ramco, Classic Fashions will gain an upper hand in managing and monitoring payroll and time & attendance of its blue-collared workforce, all on a unified platform. Bundled with multi-lingual HR Chatbot - Ramco CHIA, the solution will not only help the employees with a simplified user interface, but also aid the management in optimum resource utilization, based on skillsets.