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FDI key to India's aspiration to be a $5 trn economy, says Deloitte CEO

Foreign Direct Investment (FDI) is critically important for India to become a USD 5 trillion economy, Deloitte CEO Punit Renjen said while noting that over two-fifths of the 1,200 business leaders surveyed in the US, UK, Japan and Singapore are planning additional or first-time investments in India. Referring to the survey, he said India continues to be "one of the most attractive" FDI destinations. "Despite the COVID-19 destruction, inflows hit a record high last year. Business leaders, whom Deloitte surveyed, are preparing to make additional and first-time investments in India," Renjen told PTI.

Lupin's Goa plant gets 7 observations from USFDA, firm unperturbed

Mumbai-based drugmaker said on Sunday that its Goa facility has received seven observations from the US drug regulator. At present, five sites of Lupin either have warning letters of Official Action Indicated (OAI) status from the US Food and Drug Administration. In a stock exchange notification, Lupin said: “We wish to inform you that the US FDA has concluded an inspection at our Goa facility in India. The inspection was carried out from September 6, 2021 to September 18, 2021 and closed with seven observations.” Exact revenue contribution from the Goa facility is not known.

KEC International acquires oil gas firm Spur Infra for Rs 62 cr

RPG group company KEC International Ltd has signed a definitive agreement to acquire 100 per cent equity in Spur Infrastructure for an enterprise value of Rs 62 crore. Spur Infra, incorporated in 2016, is an Indian EPC company engaged in setting up of cross country oil & gas pipelines and city gas distribution networks. During the past three years, Spur Infra has achieved an annual revenue in excess of Rs 100 crore, a profitable track record, technical expertise, and experienced manpower.

Welspun India to invest Rs 800 cr on capacity enhancement over next 2 years

Welspun India has said it is looking to invest around Rs 800 crore on capacity expansion of its home textiles and flooring businesses over the next two years. Welspun India, the country's largest home textiles manufacturer, would invest Rs 656.5 crore on its home textiles business expansion during FY'22-23. Its plans include augmenting its towel manufacturing capacity by 20 per cent to meet the growing demand from the overseas customers.

Hindustan Copper undertakes projects to increase output, mining capacity

State-owned Hindustan Copper is taking requisite actions to increase the output from its mines and is also in the process of augmenting the mining capacity through expansion projects. The company during 2010-11 had envisaged increasing the mine production capacity from 3.4 million tonne per annum (MTPA) to 12.2 MTPA. This was subsequently revised to 20.2 MTPA in order to boost domestic production of copper metal to reduce dependence on imports.

Biocon Biologics, Serum Institute Life Sciences enter strategic alliance

Biocon Biologics (BBL) and Serum Institute Life Sciences (SILS) have entered an alliance to work together on developing and commercialising vaccines, biological drugs, and antibody therapies together. BBL will sell a 15 per cent stake to SILS at a post-money valuation of $4.9 billion for access to 100 million annual doses of vaccines, including Covid-19 jabs, for 15 years.

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