Indian drugmaker Aurobindo Pharma said it has received the final approval from the US Food and Drug Administration (USFDA) to manufacture and market Sevelamer Carbonate tablets in the American market.

The tablets are indicated for control of serum phosphorus in patients with chronic kidney disease on dialysis.

“The company has received final approval from the US Food and Drug Administration (USFDA) to manufacture Sevelamer Carbonate tablets 800 mg,” Aurobindo Pharma said in a Combay Stock Exchange (BSE) filing.

This product, a therapeutic equivalent generic version of Genzyme’s Renvela tablets, is being launched immediately.

It has an estimated market size of $1.9 billion for the 12 months to May 2017, according to IMS market data.

Aurobindo Pharma says it has a total of 331 ANDA approvals from the US.

'India Global Business’ has in-depth coverage on related topics.

Mumbai-headquartered Glenmark Pharmaceuticals has struck a pact with Spain's Cyndea Pharma SL to exclusively use its technology for developing generic, soft?gelatin capsule formulations for certain pharmaceutical products.

The agreement covers the development, licence, manufacture and commercial supply of these capsules.

Glenmark said in a statement: “As many as 70 per cent of small molecule pharmaceuticals are difficult for the body to absorb, which leads to challenges in developing effective oral formulations for these medicines. Because of these challenges, the use of soft?gelatin capsules have wide applications to improve absorption and bioavailability of these medicines.

“Accessing this formulation and manufacturing technology with our strategic partner Cyndea will support Glenmark’s continued mission of providing important and cost?effective generic medicines to patients.”

Glenmark will now have the exclusive rights to the United States and Canada markets for these soft?gelatin formulations in exchange for sharing development costs and profits from future sales.

'India Global Business’ has in-depth coverage on related topics.

Chinese electronics giant Xiaomi, the second-largest supplier of smartphones in India in 2016, is planning to double its sales in 2017.

The company had sales of Rs 6,500 crore ($1bn) last year and could overtake manufacturers like Micromax if it notches up Rs 13,000 crore ($2bn) in 2017.

Manu Jain, managing director, Xiaomi India, said: “Our sales crossed $1 billion last year and we believe we can easily double that this year. During January-June, our revenue grew 328 per cent, year on year.”

Xiaomi, which sells 90 per cent of its handsets online, is eyeing 30 per cent sales from brick and mortar outlets by the end of 2017.
According to research firm IDC, Xiaomi has a market share of 14.2 per cent in India.

India Investment Journal’ has in-depth coverage on related topics.

GE Energy Financial Services (GEEFS), the financial and technological investment arm of the American giant which focuses on investing in energy infrastructure projects across the globe, is in talks with Avaada Power to expand its renewable energy portfolio in India.

GEEFS has investment commitments of nearly $15 billion in the global market.

Avaada Power is Indian entrepreneur Vineet Mittal’s second project in India’s clean energy sector after Welspun Energy Ltd, the 1.1 GW renewable energy plant which was bought by Tata Power Co. Ltd the previous year.

GEEFS has also invested in a number of other clean energy projects in India, including the wind energy projects of Atria Power in Betul District of Madhya Pradesh and Anantpur district of Andhra Pradesh, and the wind projects of Greenko Group Plc.

GEEFS also plans to invest nearly $90 million to develop a 500 MW solar power project in collaboration with the RattanIndia Group, formerly known as the India Bulls Power.

India Investment Journal’ has in-depth coverage on related topics.

Four Indian renewable power producers want to raise around $2.5 billion via dollar bonds offshore because of caution among domestic lenders, according to media reports in India. The Adani Group has also raised around $250 million via a loan, the reports indicated.

Foreign borrowing is seen as an attractive proposition for the sector because state banks are reluctant to lend due to existing bad loans to the power sector, while domestic banks are worried about falling tariffs for solar power.

Despite the decline in tariffs, overseas investors keen on higher yields are open to such dollar bond issues. Indian Prime Minister Narendra Modi has also committed to boosting renewable power output in India, a signatory to the Paris climate accord with an ambitious plan to raise renewable energy capacity to 175 GW by 2022 from a current capacity of 57 GW.

Solar tariffs in India hit a new low in May this year when SBG Cleantech, which has SoftBank Chairman Masayoshi Son as one of its promoters, bid 2.44 per unit for building a solar park in Rajasthan.

India Investment Journal’ has in-depth coverage on related topics.

Canadian Solar has signed 25-year power purchase agreements for an aggregate 80MW of solar power projects in the Indian state of Maharashtra with the Solar Energy Corporation of India (SECI).

Canadian Solar, which continues its downstream progress, was originally awarded the projects via a competitive auction for a total of 450MW capacity. The benchmark tariff was set at INR4.43/kWh (US$0.066) and the firm bid for viability gap funding (VGF) support of INR1.999 million/MW (US$30,379).

These projects are due to start operations by late 2017.

Shawn Qu, chairman and chief executive of Canadian Solar, said: “We are pleased to secure our first 80MW of solar power projects with SECI, a bankable and reputable off-taker operating under the Government of India.

“This investment adds to our India pipeline that stands at 110MW and represents a significant milestone for Canadian Solar in one of world's fastest growing renewables markets."

The company is a vertically-integrated manufacturer of silicon ingots, wafers and PV cells and modules.

India Investment Journal’ has in-depth coverage on related topics.

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