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Reliance Money in Nigeria
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ASIANAGE on 06 July, 2008 04:26:53
 
RELIANCE MONEY, on Sunday announced its debut in Nigeria joining hands with
Lagos-based industrial house Chellarams Plc.
This is the first initiative by an Indian broking and distribution company to
offer a bouquet of financial products and services to retail investors in
Nigeria.
Mr Sudip Banyopadhyay, director & CEO of Reliance Money said "This is our first
move to reach out to the large base of NRI and PIOs with our unique and
efficient bouquet of products and services. Our presence in Nigeria will
complement our efforts to have a larger role in this region."
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Biocon to hive off its R&D unit
BIOCON PLANS TO hive off its research and development activity to a separate
entity as a part of its focus on innovations.
The company is also looking to set up a dedicated greenfield facility to
manufacture tablet formulations. "Biocon is setting up a R&D company which will
focus on discovery and innovation programme," said Biocon CMD Kiran Mazumdar
Shaw. She said that the R&D entity would be a 100 per cent subsidiary of Biocon.
In the recent past, many large pharmaceuticals firms in the country have hived
off their R&D businesses into new companies in order to attract strategic
investments.
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UB to invest Rs 1,000cr in brewing
UB GROUP IS INVESTING Rs 1,000 crore in a three-year span as it looks to hike
brewing capacity by about 20 per cent, including setting up two greenfield
breweries.
"The capital expenditure plan for U B Group for the current financial year is
Rs 488 crore. This is part of a major capacity expansion programme, which
commenced in April 2006 and involves a total expenditure of around Rs 1,000
crore over three years," said UB Group chief financial officer Ravi Nedungadi.
Talking about fund to meet the expansion expenses, he said, "It is partly
funded by the recently concluded rights issue of Rs 425 crore and the balance
through a combination of internal accruals."