Alchemist Ltd. buys 60% stake in Valiant Healthcare Limited (VHL)

25th May 2005: Alchemist Limited (formerly known as Toubro Infotech and Industries Ltd) today announced that it had bought 60% stake in Valiant Healthcare Limited (VHL) for Rs 45 million as the part of its growth strategy to focus on Healthcare and Agri business. Valiant, a Delhi based pharmaceutical company in the sector of branded formulation, currently has 41 branded products being marketed throughout India. Valiant achieved a turnover of Rs 200 million in the financial year 2003-04. After acquisition, Alchemist proposes to change the name to Alchemist Lifesciences Limited (ALL), a subsidiary of Alchemist Ltd, said K D Singh, CMD, Alchemist Ltd.

"Alchemist Ltd has set a target of achieving a top line of Rs 1000 million for Alchemist Lifesciences Ltd to be achieved within the next two financial years. We have also acquired land in Uttaranchal for setting up a state-of-the-art USFDA standard formulation factory to produce various drugs for the domestic market as well as the export market," he said. The company also plans to start an herbal division and generic division in Alchemist Lifesciences Ltd, he said. VHL has a presence in the states of Andhra Pradesh, Madhya Pradesh, New Delhi, Uttar Pradesh, Rajasthan, Punjab, Bihar, Orissa, Jammu and Kashmir, Jharkhand and Haryana.

IDBI Bank merges with IDBI Ltd

25th May 2005: Talking about the merger of IDBI Bank with IDBI Ltd, V P Shetty, chairman, IDBI Ltd, said, “As I see it, the merger would facilitate consolidation of business across the value chain, enabling us to provide a variegated menu of customer-friendly services to our existing and prospective clients, both within the geographical boundaries of India and in due course, abroad.” “I am confident that the merger would enable us to achieve a respectable market share in the intensely competitive financial system in the near term,” he added. The statement further said that the new branch would provide all forms of assistance to its corporate clients including working capital, cash credit, trade finance, letter of credit and guarantees apart from project finance. Industrial Development Bank of India Ltd has opened its fourth branch in Chennai.

i-flex solutions to buy 34% stake in Canadian firm Castek Software Inc.

24th May 2005: Banking software product company i-flex solutions has acquired the option to acquire up to 34% stake in Toronto-based property & casualty software company Castek Software Inc. Castek Software provides insurance systems for property & casualty (P&C) insurance industry. i-flex will become the largest shareholder in Castek if it exercises the option to pick up the stake.

R Ravisankar, CEO international operations and business development of i-flex solutions has joined Castek’s board of directors. Castek has software products Insure 3 for the P&C insurance industry which integrates with legacy applications in the insurance industry. "We have been working with Castek for some time now. We felt that the company has the same culture and we could add further value. Hence, we have made a small investment to acquire 34% stake in the company," said Deepak Ghasias, CEO, India operations, i-flex.