The government has approved the long-pending merger of Bharti Infratel with Indus Towers, news
agency IANS reported. Indus Towers is a three-way joint venture between Bharti Infratel, UK-based Vodafone Group and Vodafone Idea, with the first two holding 42 per cent each. Vodafone Idea has 11.15 per cent and the remaining 4.85 per cent is with private equity firm, Providence. Bharti Airtel owns a majority stake (53.51 per cent) in Bharti Infratel.
Dr Reddy's: The company said it has received the Establishment Inspection Report (EIR) from the USFDA, for its formulations manufacturing plant at Duvvada, Visakhapatnam, indicating closure of the audit. As intimated earlier, the facility has been classified as V AI (Voluntary Action Indicated).
Axis Bank, Max Financial Services: Axis Bank and Max Financial Services have entered into a confidentiality and exclusivity arrangement to explore a long-term strategic partnership, subject to, inter a/ia, receipt of applicable regulatory approvals and corporate authorisations, satisfactory completion of due diligence, and execution of definitive documentations, according to an exchange filing.
Biocon: Biocon on Saturday said it has received three observations from the US health regulator following inspection of its insulin manufacturing facility in Malaysia.
French airports operator ADP, which operates Paris airports Roissy and Orly, has bought a 49 per cent stake in GMR Airports for 1.34 billion euros ($1.45 billion), ADP said on Thursday.
The company posted a net profit of Rs 352 crore, up 40.8 per cent against Rs 250 crore in the year-ago period. Net sales rose around 10 per cent YoY to Rs 3,038 crore. The Board of Directors have also recommended a dividend on equity shares of nearly 1.50, the company said in its press release.