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GAIL to connect Srinagar to gas grid; Mumbai-Nagpur line by May 2023

State-owned GAIL India Ltd plans to lay a pipeline to Srinagar to take the environmentally friendly natural gas to the Kashmir Valley as it doubles down on efforts to expand infrastructure to helm the government vision of a gas-based economy, its chairman and managing director Manoj Jain said.

GAIL will by May 2023 complete a 700-km pipeline from Mumbai to Nagpur, enabling the flow of gas to central India and is on track to meeting the target of mid-2022 for completing major portions of the ambitious Urja Ganga project, bringing eastern India on the energy map, he said. Gas pipelines are planned to take the fuel to the east and northeast regions as well as to consumers in the south as part of the government push to raise the share of natural gas in In

LIC sits on over Rs 21,500-cr unclaimed funds, shows DRHP

State-owned insurance behemoth LIC had unclaimed funds to the tune of Rs 21,539 crore as of September 2021, according to draft prospectus filed for IPO with market regulator Sebi. This includes interest earned over the outstanding unclaimed amount. As per the Draft Red Herring Prospectus (DRHP) filed by the Life Insurance Corporation of India (LIC), the unclaimed amount was at Rs 18,495 crore at the end of March 2021 and Rs 16,052.65 crore at the end of March 2020. The total unclaimed amount stood at Rs 13,843.70 crore at the end of March 2019.

Mankind Pharma acquires two derma and respiratory brands from Dr Reddy's

After acquiring the domestic formulations business of Panacea Biotec, India's fourth largest pharma company Mankind Pharma on Wednesday said that it has entered into an agreement with Dr Reddy's Laboratories (DRL) to acquire two of its brands - one asthma and one infant care brand. The deal size was not disclosed.

Combihale, a drug used for treating asthma and chronic obstructive pulmonary disease has a category market size of Rs 900 crore which is growing at 14 percent (IQVIA). Daffy, a soap-free moisturising bar for infants operates in a market category which is valued at Rs 1000 crore and is growing at 18 percent (IQVIA). The company said that the acquisition of Combihale is expected to strengthen Mankind’s presence in the inhalation respiratory market segment.

Moody's revises outlook on Vedanta to negative; affirms B2 rating

Global rating agency Moody's has changed the outlook from “stable” to “negative” on Vedanta Resources Ltd (VRL) reflecting large near-term refinancing requirements amid tightening liquidity in the capital markets. It, however, affirmed VRL’s “B2” corporate family rating (CFR) and the B3 rating on the senior unsecured notes issued by VRL and those by Vedanta Resources Finance II Plc.

Govt to initiate investor outreach for IDBI Bank sale from Feb 25

The government will start roadshows with investors for the strategic disinvestment of IDBI Bank from February 25 as the Centre and Life Insurance Corporation of India (LIC) look to sell their stake in the lender to a private buyer. The preliminary interest of investors will be gauged from the exercise as the government looks to undertake the first-ever strategic disinvestment of a public sector lender (although majorly owned by LIC).

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