Category: Companies

Bharat Biotech, Ocugen sign pact for supply of Covaxin to US market

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Bharat Biotech and Ocugen Inc have inked a pact to co-develop, supply and commercialise COVID-19 vaccine, Covaxin, for the US market, the companies said in a joint statement on Tuesday.

The companies have entered into a definitive agreement for Covaxin, an advanced stage whole-virion inactivated COVID-19 vaccine candidate, for the US market, the companies said.

Under the terms of the agreement, Pennsylvania-based Ocugen will haverights to the vaccine candidate in the US and will be responsible for clinical development, regulatory approval (includingEmergency Use Authorisation) and commercialisation for the US market. Bharat Biotech on the other hand will supply initial doses to be used in the US upon Ocugen’s receipt of an EUA.

In addition, Bharat Biotech will support the technology transfer for manufacturing in the US. In consideration for the exclusive license to the US market, Ocugen will share the profits from the sale of Covaxin in the US market with Bharat Biotech.

The US-firm would retain 45 per cent of the profits. “The COVID-19 pandemic has affected humanity at large. As a company determined to protect global public health, it has always been important for us to develop vaccines for a global cause. Our goal for all vaccines developed at Bharat Biotech is to provide global access. Covaxin has generated excellent safety data with robust immune responses to multiple viral proteins that persist,” Bharat Biotech CMD Krishna Ella said.

With the recent progression of Covaxin use under EUA in India, the company is confident that it will be able to work with Ocugen to develop a plan to bring the vaccine to the US market, he added. “The evaluation of Covaxin has resulted in several unique product characteristics including long-term persistence of immune responses to multiple viral proteins, as opposed to only the spike protein, and has demonstrated broad spectrum neutralising capability with heterologous SARS-CoV-2 strains, thus potentially reducing or eliminating escape mutants,” Ocugen Chairman Shankar Musunuri said.

Requiring only a standard vaccine storage temperature of 2-8 degree celcius and with the potential to treat all age-groups, Covaxin may offer an important option to protect lives across America, he added. In preparation for the development of the Covaxin in the US, Ocugen has initiated discussions with the US Food & Drug Administration (FDA) and the Biomedical Advanced Research and Development Authority (BARDA) to develop a regulatory path to EUA and, eventually, biologics license application (BLA) approval in the US market. The company is also in active discussions with manufacturers in the US to produce a significant number of doses of the Covaxin to support immunisation program in the US.

In India the nationwide vaccination drive began from January 16 where doses of Covaxin and Covishield are being administered to healthcare and frontline workers.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Future Group rejects Delhi HC proposal to resolve differences with Amazon amicably

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Future Group on Tuesday rejected Delhi High Court’s proposal for entering into talks with Amazon to find an amicable resolution.

The High Court on Monday proposed appointment of a  panel to help the two companies resolve the issue arising out of Rs 24,713 crore deal between FRL and Reliance Retail.

The court was hearing a plea by Amazon seeking direction to order enforcement of the award by Singapore’s Emergency Arbitrator (EA) restraining FRL from going ahead with its Rs 24,713 crore deal with Reliance Retail. Amazon.com NV Investment Holdings LLC, in its plea, also sought detention of the Biyanis, directors of Future Coupons Pvt Ltd (FCPL) and FRL and other related parties in civil prison and attaching of their properties for alleged “wilful disobedience” of the emergency arbitrator’s order.

Amazon has approached the High Court seeking to restrain Kishore Biyani-led Future Group from taking any steps to complete the transaction with entities that are a part of the Mukesh Dhirubhai Ambani (MDA) Group. It also sought to restrain Future Group from taking any steps to transfer or dispose of FRL’s retail assets or the shares held in FRL by the Biyanis in any manner without prior written consent of Amazon.

The Future Group and Amazon have been locked in a battle after the US-based company took FRL into the emergency arbitration over alleged breach of a contract between them.

(With inputs from PTI)

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

BACKSTORY: When Pepsi turned the tables on Coke there was nothing official about it

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The 1996 World Cup isn’t likely to invoke very happy memories for most Indian cricket fans. Not only did India, the host nation, fail to lift the trophy, but its exit from the tournament was marked by the unsavoury sight of the semifinals being called off following crowd disturbances, with India on the verge of a humiliating defeat.

Meanwhile, off the field, a fierce marketing battle was being waged by two cola giants with an eye dominance in a market that had been set free with the reforms of 1991. Of the two, Coca Cola was effectively making a re-entry into the country after its unceremonious departure in 1978 after the then Janata government asked the world’s favourite soft drink brand to dilute its majority stake in its Indian subsidiary. Its arch-rival Pepsi had come in through the more circuitous route of a tie-up with state-owned Punjab Agro Industries Corporation and Voltas and was just about finding its way around the market for soft drinks.

For both companies, the World Cup being held simultaneously in India, Pakistan and Sri Lanka, represented a great brand building opportunity. With ITC Wills winning the title rights to the trophy, the two soft drink majors also staked their claims to official partners to the tournament.

Strange as it seems in today’s era of cricketers as fitness and health-conscious athletes, this was a time when the players actually drank sugary sodas during the drinks breaks.

Eventually, Coca Cola put down Rs 10 crore for the rights to be called the official sponsors of the tournament and fresh from its recent acquisition of Ramesh Chauhan’s Thumbs Up, looked set to overshadow its rival in the battle for attention inside stadiums and on television. Its TVC for the campaign, sung by the legendary Nusrat Fateh Ali Khan and featuring the colours of the streets of India was classy and evocative.

Pepsi though had other ideas. Its agency J Walter Thompson (HTA in India) came up with a campaign that was both combative and creative in equal measure and turned the tables on its opponent. The ads showed cricketers and even officials rejecting the official drink in favour of the unofficial one and even featured the venerable umpire Dicky Bird going loco. Officially, it said, cricket is played in whites by gentlemen. In reality, the players for the tournament wore coloured clothes and faced up to the pace of fast bowlers like Courtney Walsh and Alan Donald.

Its cheeky theme “Nothing official about it” turned the apparent disadvantage of losing the battle for the sponsorship to Coca Cola into a massive win for Pepsi and became a kind of anthem for the age.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Cairn Energy reaches out to PM Modi, asks India to respect arbitral award

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Cairn Energy which won an arbitration case against India in December 2020 has reached out to India’s Prime Minister with respect to the arbitral award.

“Cairn’s Board of Directors has written directly to Prime Minister Modi and key ministers to convey that Cairn’s shareholders now expect India to meet its legal obligations in a timely manner”, said a company official.

The company has promised to take all legal steps to enforce the award, including seizing Indian assets if need be.

On 22nd December 2020, the international arbitration tribunal found that the Indian Income Tax Department’s retrospective tax investigation again Cairn Energy was in breach of India’s obligation under the UK India Bilateral Investment Treaty. The tribunal ruled that India was liable to pay damages to Cairn to the tune of 1.2 billion dollars plus interest and costs.

Speaking exclusively to CNBC-TV18, Simon Thomson, Chief Executive Officer of Cairn Energy PLC said, “A significant milestone was achieved in December 2020 with a unanimous award in favour of Cairn in its arbitration with the Government of India under the UK-India Bilateral Trade Investment Treaty. We have engaged with the Government of India regarding adherence to the tribunal’s ruling and are taking all necessary steps to protect our rights to the award.”

Sources at Cairn Energy told CNBC-TV18 that the company has raised the issue with the IMF and the World Bank. The UK government has also conveyed to the Indian High Commission that it expects India to respect the arbitral award and reminded India of its assurances in the run-up to the arbitration ruling. The company has threatened to invoke the New York Convention and seize India’s assets abroad if the liabilities are not met.

Top shareholders of the energy company are also engaging with the Indian government in connection with the arbitral ruling. Officials at Cairn Energy say that early resolution and compliance with the tribunal’s order would send a positive signal to investors that retrospective taxation is a thing of the past.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Jaiprakash Power Ventures loss narrows to Rs 8.61 cr in December quarter

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Jaiprakash Power Ventures Ltd’s consolidated net loss narrowed to Rs 8.61 crore in the December 2020 quarter from Rs 1,816.05 crore in the same period a year ago. Total consolidated income of the company rose to Rs 993.98 crore in the quarter ended December 2020 from Rs 880.37 crore in the same period in 2019, a regulatory filing stated.

About the impact of COVID-19, it said the management believes that there is not much of an impact likely due to this pandemic on the business of the company except some lower demand and its consequential impact on supply and collection from customers which are believed to be temporary in nature.

The impact of the COVID-19 pandemic may be different from that estimated as at the date of approval of these financial results and the company will continue to closely monitoring developments, its operations, liquidity and capital resources and is actively working to minimise the impact of this unprecedented situation, it added.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Govt approves closure of Scooters India

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The government has approved closure of loss-making state-owned firm Scooters India Limited and shutting down the operations of its units, the company said on Thursday. .

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Tata Chemicals consolidated Q3 PAT down 3.66% to Rs 160.85 crore

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Padget Electronic ties up with Nokia, targets revenue of Rs 4,000 crore

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Dixon Tech’s wholly-owned subsidiary Padget Electronics, has entered into an agreement to manufacture smartphones for Nokia. To talk more about this, Atul Lall, MD of Dixon Technologies spoke to CNBC-TV18.

“Nokia has been taken over by HMD and they have huge plans. I feel it is going to be a substantial part of the revenue in the forthcoming fiscal. We are one of the beneficiaries under the PLI scheme for mobiles of the Indian government. So, Nokia undoubtedly is good one for us and it is going to be at least 20-25 percent, if not more, of a mobile revenues in the forthcoming fiscal,” Lall said.

“We are targeting around Rs 4,000-4,500 crore of revenue in mobiles for 21-22,” he added.

On operating profit numbers, Lall said, “We are still working out on the cost structure, so to share the operating profit number at this stage is a bit of a challenge. But I think we will be able to share it in a couple of months when the cost structures are pretty well defined and we know what is going to happen. Nokia phone manufacturing to start with is going to be a domestic market but we are in discussion for global markets as well,” he added.

Watch this video for more.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Aditya Birla Fashion acquires 51% stake in designer brand Sabyasachi

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Aditya Birla Fashion and Retail Limited (ABFRL) has picked up a 51 percent stake in luxury designer brand Sabyasachi for Rs 398 crore.

The company, in a regulatory filing, said that the deal will add significant weight to ABFRL’s growing ethnic wear portfolio as the company looks to build an ethnic wear business over the next few years.

Commenting on the partnership Ashish Dikshit, Managing Director, ABFRL said, “We believe that over the next few years, ethnic wear is going to be an increasingly important category as young and confident Indians rediscover their culture and heritage.”

Dikshit added that the company intends to craft a portfolio that addresses the entire gamut of ethnic wear segments: value, premium and luxury.

Sabyasachi Mukherjee, CEO and Founder, Sabyasachi Brand, said: “Over the course of the last couple of years, as my brand evolved and matured, I began searching for the right partner in order to ensure continuity and long-term sustainable growth. I am honoured and excited to have found that partner in Kumar Mangalam Birla and ABFRL. Aligned in our vision, and committed to excellence, we will work together to grow a truly global luxury brand out of India.”

The proposed acquisition is subject to necessary statutory approvals and signing of definitive agreements.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

ED arrests Omkar Group Chairman and MD for irregularities in SRA projects

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The Enforcement Directorate on Wednesday arrested Omkar Group Chairman Kamal Kishore Gupta and MD Babulal Verma over alleged irregularities in Slum Rehabilitation Authority (SRA) projects, sources told CNBC-TV18.

The ED had on Monday conducted raids on 10 premises belonging to Omkar Group, one of the leading builders in Mumbai. The group is alleged to have misused various permissions given under the SRA schemes, sources said.

The group had also diverted money amounting to Rs 450 crore taken by way of loan from Yes Bank, the sources said.

Raids were conducted at seven residential and three commercial buildings.

More details are awaited

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow