Corporate Corner Health News 

Govt stops $1.3bn Chinese bid for Gland Pharma

The Centre has stalled a $1.3-billion bid by Shanghai Fosun Pharmaceutical Group (SFP) to acquire an 86% stake in Hyderabad-based Gland Pharma, citing “genuine concerns” over proprietary technology developed by the Indian company going over to a Chinese pharma major. Top government officials on Monday dismissed media reports that the decision was linked to the current border stand-off between the two countries. Sources say Gland Pharma has a lead in injectibles, an area where Chinese firms lag Indian pharma companies. Gland Pharma says it has pioneered Heparin technology in India, and is a world leader in…

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Corporate Corner News 

Snapdeal-Flipkart merger called off! Plan B comes into force

The development comes just three days after Snapdeal announced the sale of its payments unit Freecharge to private lender Axis Bank for Rs 385 crore. Gurgaon-based e-commerce firm Snapdeal has terminated all talks for a distress sale to its arch rival Flipkart and wants to pursue an independent path, the company said in a statement. “Snapdeal has been exploring strategic options over the last several months. The Company has now decided to pursue an independent path and is terminating all strategic discussions as a result,” Snapdeal has said. Moneycontrol had first…

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Corporate Corner Finance News 

Axis Bank buys Freecharge from Snapdeal for Rs 385 crore in all-cash deal

The Axis-Freecharge deal size at USD 60 million is significantly lower than the USD 400 million Snapdeal had paid to acquire the payments firm in 2015.  The board of Axis Bank has entered into a share purchase agreement with Jaspers Infotech Private Limited which runs Snapdeal to buy 100 percent stake in its payments subsidiary Freecharge in an all-cash deal worth Rs 385 crore, Axis Bank informed the BSE in a statement. Moneycontrol had reported on Wednesday that the two companies had agreed to a sale of Freecharge. The Axis-Freecharge deal…

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Corporate Corner News 

Infibeam and partners get contract to manage Government e-Commerce Marketplace

Infibeam and its partners have won the contract as a Managed Service Provider for “Design, Development, Implementation, Operation & Maintenance of Government e-Marketplace (GeM)”, the company has told the stock exchanges. A couple of days ago, the Economic Times had reported that the five year contract is worth around Rs 1000 crore, and Infibeam and its partner Intellect Design Arena had been the lowest bidders, but that was an unconfirmed report. Note that a GeM is already running, developed by the Directorate General of Supplies and Disposals (DGSD) and launched on 9th August 2016, with…

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Corporate Corner News 

Cyrus Mistry Removed As Director Of Tata Industries At Shareholders’ Meet

HIGHLIGHTS : Cyrus Mistry was removed as director of Tata Industries this morning Ratan Tata had appealed to shareholders to help him remove Mr Mistry Mistry accused Ratan Tata of “undermining” reforms; wrote to shareholders Cyrus Mistry was on Monday morning ousted as a director of Tata Industries in a vote at an extraordinary general meeting called specifically to remove him. Cyrus Mistry was sacked as Tata sons chairman earlier this year and the group is now trying to remove him from the other positions he holds in its various…

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