Latest news with #Ahmedabad-based
Hans India
8 hours ago
- Business
- Hans India
Torrent Pharma set to be India's 2nd pharma major
New Delhi: Ahmedabad-based Torrent Pharmaceuticals has sought fair trade regulator CCI's clearance to acquire a majority stake in in JB Chemicals and Pharmaceuticals in a Rs19,500-crore the completion of the deal, Torrent Pharmaceuticals will become India's second most valued pharma company. The development came after Torrent Pharmaceuticals in June this year announced the acquisition of a majority stake in JB Chemicals and Pharmaceuticals in a Rs19,500-crore deal. 'The proposed combination relates to acquisition of shareholding by the acquirer (Torrent Pharmaceuticals Ltd) in the target (JB Chemicals & Pharmaceuticals Ltd) and the subsequent amalgamation of the target with the acquirer,' according to a notice filed with the Competition Commission of India (CCI). Torrent Pharmaceuticals is the flagship company of the Torrent group and is engaged in the business of manufacturing and sale of pharmaceutical formulations (FDFs) across therapeutic segments.
Time of India
a day ago
- Business
- Time of India
Arunachal's hydro power corp earns carbon credit nod for Zemithang project
The Hydro Power Development Corporation of Arunachal Pradesh Limited (HPDCAPL) has achieved a major breakthrough in India's green energy sector with the successful verification and issuance of carbon credits for its 3 MW small hydro power project at Zemithang in Tawang district, officials said on Thursday. The Universal Carbon Registry (UCR), in coordination with project partner Creduce Technologies Pvt Lt., confirmed the carbon credit validation for the financial year 2022-23, an official statement informed here on Thursday. The development marks HPDCAPL as a pioneer from the Northeast in the voluntary carbon credit market, it said. As of mid-2023, the project has earned 16,326 tonnes of carbon credits, with a target to reach 97,783 tonnes by 2028. The project, featuring two 1.5 MW pelton turbine generators, is the only commissioned venture under HPDCAPL and is crucial to the corporation's financial and operational sustainability. HPDCAPL's carbon credit journey began with a memorandum of understanding (MoU) signed on December 13, 2021, with Ahmedabad-based Creduce Technologies, one of India's largest renewable energy and carbon credit advisory firms. This agreement marked the state's formal entry into carbon monetisation, making HPDCAPL the first entity in Arunachal to tap into the carbon economy, it added. The initiative directly supports India's national commitment to achieving net zero emissions by 2070, it said. Arunachal Pradesh Chief Minister Pema Khandu had earlier lauded the corporation's efforts in a social media post. "Contributing to the vision of Hon'ble PM Shri Narendra Modi Ji of achieving zero carbon emission by 2070, Hydro Power Development Corporation of Arunachal Pradesh Ltd successfully capitalised its project, Sumbachu SHP & gained 6500+ Carbon Credits. Congratulations team for this feat". Further strengthening its role in climate action, HPDCAPL had organised a sensitisation programme on carbon neutrality on March 25. Under the leadership of CMD Toko Onuj, HPDCAPL is now emerging as a leader in carbon credit trading and green energy innovation in the region.
Time of India
a day ago
- Business
- Time of India
Arunachal's hydro firm earns carbon credits for power project
ITANAGAR: The Hydro Power Development Corporation of Arunachal Pradesh Limited ( HPDCAPL ) has achieved a major breakthrough in India's green energy sector with the successful verification and issuance of carbon credits for its 3 MW small hydro power project at Zemithang in Tawang district, officials said on Thursday. The Universal Carbon Registry (UCR), in coordination with project partner Creduce Technologies Pvt Lt., confirmed the carbon credit validation for the financial year 2022–23, an official statement informed here on Thursday. Explore courses from Top Institutes in Select a Course Category healthcare Management Operations Management Leadership MCA Degree Design Thinking Data Science Data Science others CXO Others Healthcare Public Policy Cybersecurity Product Management Technology Project Management Finance Artificial Intelligence Digital Marketing MBA Skills you'll gain: Duration: 11 Months IIM Lucknow CERT-IIML Healthcare Management India Starts on undefined Get Details The development marks HPDCAPL as a pioneer from the Northeast in the voluntary carbon credit market, it said. As of mid-2023, the project has earned 16,326 tonnes of carbon credits, with a target to reach 97,783 tonnes by 2028. The project, featuring two 1.5 MW pelton turbine generators, is the only commissioned venture under HPDCAPL and is crucial to the corporation's financial and operational sustainability. Live Events HPDCAPL's carbon credit journey began with a memorandum of understanding (MoU) signed on December 13, 2021, with Ahmedabad-based Creduce Technologies, one of India's largest renewable energy and carbon credit advisory firms. This agreement marked the state's formal entry into carbon monetisation, making HPDCAPL the first entity in Arunachal to tap into the carbon economy, it added. The initiative directly supports India's national commitment to achieving net zero emissions by 2070, it said. Arunachal Pradesh Chief Minister Pema Khandu had earlier lauded the corporation's efforts in a social media post. "Contributing to the vision of Hon'ble PM Shri Narendra Modi Ji of achieving zero carbon emission by 2070, Hydro Power Development Corporation of Arunachal Pradesh Ltd successfully capitalised its project, Sumbachu SHP & gained 6500+ Carbon Credits. Congratulations team for this feat". Further strengthening its role in climate action, HPDCAPL had organised a sensitisation programme on carbon neutrality on March 25. Under the leadership of CMD Toko Onuj, HPDCAPL is now emerging as a leader in carbon credit trading and green energy innovation in the region.
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Business Standard
a day ago
- Business
- Business Standard
Torrent Pharma seeks CCI nod for ₹19,500 cr majority stake in JB Chemicals
Ahmedabad-based Torrent Pharmaceuticals has sought fair trade regulator CCI's clearance to acquire a majority stake in in J B Chemicals and Pharmaceuticals in a Rs 19,500-crore deal. After the completion of the deal, Torrent Pharmaceuticals will become India's second most valued pharma company. The development came after Torrent Pharmaceuticals in June this year announced the acquisition of a majority stake in J B Chemicals and Pharmaceuticals in a Rs 19,500-crore deal. "The proposed combination relates to acquisition of shareholding by the acquirer (Torrent Pharmaceuticals Ltd) in the target (J B Chemicals & Pharmaceuticals Ltd) and the subsequent amalgamation of the target with the acquirer," according to a notice filed with the Competition Commission of India (CCI). Torrent Pharmaceuticals is the flagship company of the Torrent group and is engaged in the business of manufacturing and sale of pharmaceutical formulations (FDFs) across therapeutic segments. J B Chemicals & Pharmaceuticals is engaged in business of manufacturing and marketing of diverse range of FDFs and APIs (Active Pharmaceutical Ingredients) and also provides CDMO (Contract Development and Manufacturing Organisation) services as well. The parties (Torrent Pharma and J B Chemicals) said that their activities exhibit horizontal overlaps in certain relevant markets for the manufacturing and sale of FDFs in India. In June, Torrent said it will acquire 46.39 per cent stake from promoters Tau Investment Holdings Pte Ltd, an affiliate of global investment firm KKR, for about Rs 11,917 crore. It would additionally buy another 2.80 per cent from certain employees of JB Chemicals at the same acquisition price of Rs 1,600 per share (totaling Rs 719 crore). Post this, it would make an open offer for buying 26 per cent from open market, as per listing norms, at a price of Rs 1,639.18 per share (totaling Rs 6,842.8 crore). This will be the second biggest deal in the pharma sector ever, behind Sun Pharmaceutical Industries' 2015 acquisition of Ranbaxy Laboratories. Post share purchase, JB Pharma will merge into Torrent. In 2020, KKR had bought a 65 per cent stake in JB Chemicals & Pharmaceuticals. In March this year, KKR divested a 5.8 per cent stake in JB Pharma for Rs 1,460 crore through open market transactions. Established in 1976, JB Pharma produces a range of pharmaceuticals in areas such as gastroenterology, dermatology and diabetes, etc. Torrent Pharma, with annual revenues of more than Rs 11,500 crore, is the flagship company of the Torrent Group, with group revenues of Rs 45,000 crore. In April 2014, Sun Pharma had announced it would acquire troubled rival Ranbaxy in an all-stock transaction worth USD 4 billion that includes USD 800 million debt. The merger was 'consummated' following receipt of requisite approvals a year later in March 2015. In another big deal, Mankind Pharma last year completed the transaction to acquire Bharat Serums and Vaccines for a consideration of Rs 13,768 crore.
Economic Times
a day ago
- Business
- Economic Times
Torrent Pharma seeks CCI nod to acquire majority stake in JB Chemicals for Rs 19,500 cr
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel New Delhi, Ahmedabad-based Torrent Pharmaceuticals has sought fair trade regulator CCI's clearance to acquire a majority stake in in J B Chemicals and Pharmaceuticals in a Rs 19,500-crore the completion of the deal, Torrent Pharmaceuticals will become India's second most valued pharma development came after Torrent Pharmaceuticals in June this year announced the acquisition of a majority stake in J B Chemicals and Pharmaceuticals in a Rs 19,500-crore deal."The proposed combination relates to acquisition of shareholding by the acquirer (Torrent Pharmaceuticals Ltd) in the target (J B Chemicals & Pharmaceuticals Ltd) and the subsequent amalgamation of the target with the acquirer," according to a notice filed with the Competition Commission of India (CCI).Torrent Pharmaceuticals is the flagship company of the Torrent group and is engaged in the business of manufacturing and sale of pharmaceutical formulations (FDFs) across therapeutic segments.J B Chemicals & Pharmaceuticals is engaged in business of manufacturing and marketing of diverse range of FDFs and APIs (Active Pharmaceutical Ingredients) and also provides CDMO (Contract Development and Manufacturing Organisation) services as parties ( Torrent Pharma and J B Chemicals) said that their activities exhibit horizontal overlaps in certain relevant markets for the manufacturing and sale of FDFs in June, Torrent said it will acquire 46.39 per cent stake from promoters Tau Investment Holdings Pte Ltd, an affiliate of global investment firm KKR, for about Rs 11,917 crore. It would additionally buy another 2.80 per cent from certain employees of JB Chemicals at the same acquisition price of Rs 1,600 per share (totaling Rs 719 crore).Post this, it would make an open offer for buying 26 per cent from open market, as per listing norms, at a price of Rs 1,639.18 per share (totaling Rs 6,842.8 crore).This will be the second biggest deal in the pharma sector ever, behind Sun Pharmaceutical Industries ' 2015 acquisition of Ranbaxy Laboratories. Post share purchase, JB Pharma will merge into 2020, KKR had bought a 65 per cent stake in JB Chemicals & Pharmaceuticals. In March this year, KKR divested a 5.8 per cent stake in JB Pharma for Rs 1,460 crore through open market in 1976, JB Pharma produces a range of pharmaceuticals in areas such as gastroenterology, dermatology and diabetes, Pharma, with annual revenues of more than Rs 11,500 crore, is the flagship company of the Torrent Group, with group revenues of Rs 45,000 April 2014, Sun Pharma had announced it would acquire troubled rival Ranbaxy in an all-stock transaction worth USD 4 billion that includes USD 800 million debt. The merger was 'consummated' following receipt of requisite approvals a year later in March another big deal, Mankind Pharma last year completed the transaction to acquire Bharat Serums and Vaccines for a consideration of Rs 13,768 crore.
