Dilip Shanghvi

Sun Pharma sees remediation process at erstwhile Ranbaxy facilities as a "time consuming" process even as it aims to bring at least one of the plants to conform to current good manufacturing practice regulations (cGMP) in the current fiscal.

RBI Governor Raghuram Rajan said he is not "overly perturbed" by surrender of Payments Bank licences by some companies but indicated that there could be a mechanism to ensure that entities apply for licences after due diligence as there is a cost involved in vetting them

The merger between Sun and Ranbaxy achieved closure towards the end of March 2015.

The company also said that the pharma major will continue to build speciality business which could impact short term profitability. It also cautioned that it could lose anywhere between 5-10 percent due to pricing pressure and peer consolidation in the US.

Back in August 2015, when the Reserve Bank of India handed out payments bank licences to 11 candidates, little did it know that three will be pulling out within a year. The payments bank model, which the RBI envisaged as a way to reach out to the unbanked, may be looking less profitable as a venture.

Modi's address to the USIBC before who's who of American corporate sector would be on June 7. He will also participate in a roundtable with leading global CEOs, USIBC said.

"A wholly-owned subsidiary of Sun Pharma will acquire portfolio consisting of 14 established prescription brands from Novartis for a cash consideration of USD 293 million," says the company.

According to the agreements signed by the parties, a wholly-owned subsidiary of Sun Pharma will acquire the portfolio consisting of 14 established prescription brands from Novartis for a cash consideration of USD 293 million, Sun Pharma said in a statement.

NSDL is one of the applicants who has received in-principle approval from RBI to set up a payment bank last year

Maharashtra Chief Minister Devendra Fadnavis pointed to the dichotomy that 50 percent of jobs in the state come from agriculture, but add just 11 percent of GDP.

The significant violations included the company's failure "to maintain floors, walls, and ceilings of smooth, hard surfaces that are easily cleanable in aseptic processing areas".

According to a new list by Wealth-X in collaboration with Business Insider, Mukesh Ambani was ranked at the 27th place on the list with a net worth of USD 24.8 billion, while Azim Premji and Dilip Shanghvi were ranked at the 43rd and 44th place with assets worth USD 16.5 billion and USD 16.4 billion respectively.

Shanghvi-controlled entities along with Tulsi Tanti and other promoters of Suzlon had made the open offer to the shareholders for purchasing more than 157.64 crore shares.

The offer, that would begin on December 28 and close on January 8, 2016, comes after Shanghvi decided to acquire 23 percent stake in Suzlon with an equity investment of Rs 1,800 crore. The deal was announced earlier this year.

The divestment comes on the heels of Sun Pharma Managing Director Dilip Shanghvi saying in August that the company would look at rationalising manufacturing footprint.

Last week, the Reserve Bank had given permission to 11 applicants, including Reliance Industries, Department of Posts, Aditya Birla Nuvo, Sun Pharma's Dilip Shanghvi, Airtel, Tech Mahindra and Vodafone, to set up payments banks.

Eleven private parties were given licences to set up "payment banks" - banks which can do everything a regular bank can do - take deposits, pay bills, issue cheques and drafts.

Fast moving consumer goods company Hindustan Unilever has been ranked 41 on the list, followed by TCS at rank 64 and Sun Pharma at rank 71 in the Forbes list of The Worlds Most Innovative Companies.

India's largest drugmaker Sun Pharma may file application for a new drug with the US Food and Drug Administration in next two to three years, the company's Managing Director Dilip Shanghvi said on Thursday.

The deal, announced in February this year, would see Shanghvi acquiring at least 23 percent stake in Suzlon which has been grappling with tough business conditions.