Bizbits

FIIs buy 8 pc stake in Lupin
MUMBAI: A clutch of foreign institutional investors FIIs bought an eight percent stake in Indian pharmaceuticals firm Lupin Laboratories Ltd from its founders, a company official said on Thursday. FIIs paid Rs 120 crore, at Rs 470 a share, for the stake earlier this week, Lupin8217;s director for corporate development Kavita Gupta told Reuters. quot;Including the eight per cent, Lupin8217;s promoters have sold a total 15 per cent stake over the last three months,quot; she said. The founders now own a 65 per cent stake in the firm, Gupta said. The founders will use the funds from the stake sale to repay loans taken by their private firms from Lupin, she said.

Philips plans strategic alliances
MUMBAI: Royal Philips NV is planning to form strategic alliance with a number of local companies and extend some of its global relationships to India as part of a strategy to corner larger chunk of business in consumer electronics, infotech, telecom and e-services. The companiesplans are expected to be crystalised in the next six to seven months.

MUL8217;s Wagon-R may cost Rs 4.10 lakh
MUMBAI: Maruti8217;s new small car Wagon-R, scheduled for launch on Saturday, is likely to be available in three versions with price tags between Rs 3.60 lakh and Rs 4.10 lakh. The company aims to sell 50,000 to 60,000 Wagon-R units in the first year of its launch. The model comes only three weeks after MUL launched its Baleno sedan. The 16-valve Wagon-R would come in three petrol variations.

Satyam, RPG Netcom sign new JV
MUMBAI: Satyam Infoway and RPG Netcom Ltd today signed an memorandum of understanding to form a JV called Satyam-RPG Com Ltd, to provide broadband internet services through cable to consumers and business customers in Calcutta. A SIL press release said here that the joint venture would have a paid up capital of Rs 20 crore with a 50:50 participation by SIL and RPG Netcom.