Meta appoints Arun Srinivas as its India head
June 16 (Reuters) - Meta Platforms (META.O), opens new tab on Monday said Arun Srinivas has been appointed as the managing director and head for Meta in India.
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Reuters
3 hours ago
- Reuters
India's Torrent Pharma to acquire controlling stake in JB Chem and Pharma
June 29 (Reuters) - India's Torrent Pharmaceuticals ( opens new tab said on Sunday it will acquire a 46.39% controlling stake in smaller peer JB Chemicals and Pharmaceuticals ( opens new tab from New York-based investment firm KKR (KKR.N), opens new tab, and plans to merge the two drugmakers. The transaction, announced in a joint statement released by the three companies, implies a total equity valuation of 256.89 billion rupees ($3.01 billion) for JB Pharma on a fully diluted basis. "This strategic alignment furthers our goal of strengthening our presence in the Indian pharma market, and building a larger diversified global presence," Torrent Executive Chairman Samir Mehta said in the statement. Under the terms of the deal, Torrent will initially acquire an equity stake in JB Pharma from KKR for 119.17 billion rupees. Following this, Torrent will launch a mandatory open offer to acquire up to an additional 26% of JB Pharma shares from public shareholders at 1,639.18 rupees per share. Torrent also signaled its intent to acquire up to 2.80% of equity shares from certain JB Pharma employees, the company said. The second phase of the transaction involves a merger of Torrent and JB Pharma through a scheme of arrangement. Upon merger, JB Pharma shareholders will receive 51 Torrent shares for every 100 JB Pharma shares held. KKR also confirmed the deal in a separate statement. "We are confident that the combined strengths of our organizations will unlock greater opportunities to enhance healthcare access across our markets," said JB Pharma CEO Nikhil Chopra. India is Torrent's biggest market by revenue, where it competes with peers such as Mankind Pharma ( opens new tab. Torrent offers drugs used to treat cancer, infections and diabetes, and has benefited from steady demand for its specialty and chronic illness drugs. For the January-March quarter, its consolidated net profit was up 11% from a year earlier. JB Chemicals and Pharmaceuticals, meanwhile, reported higher fourth-quarter profit in May. Along with the steady market for its gastrointestinal medicines, Metrogyl and Sporlac, the company also benefitted from demand for its drugs that treat chronic conditions such as hypertension. ($1 = 85.4400 Indian rupees)
Reuters
5 hours ago
- Reuters
China resumes qualified seafood imports from some Japan regions
BEIJING, June 29 (Reuters) - China on Sunday announced it is immediately resuming seafood products imported from some Japanese regions, ending a nearly two-year overall ban imposed due to worries over Japan's release of treated wastewater from the Fukushima nuclear power plant. In a notice on Sunday, China Customs said seafood products from 10 prefectures - Fukushima, Gunma, Tochigi, Ibaraki, Miyagi, Niigata, Nagano, Saitama, Tokyo and Chiba - will still be banned from entering the country. Products from other regions will need health certificates, radioactive substance detection qualification certificates and production area certificates issued by the Japanese government for Chinese customs declarations, the notice said. Chinese customs authorities said Sunday's decision was made after no abnormality was detected following long-term international and independent Chinese sampling and monitoring of discharged wastewater. China banned all imports of Japanese seafood in August 2023, shortly after Tokyo began releasing the treated Fukushima wastewater, prompting a diplomatic and economic backlash. Sunday's notice said China will strictly supervise Japanese seafood imports and will take measures if it finds any violations of relevant Chinese laws, regulations and food safety standards.
Reuters
8 hours ago
- Reuters
China rolls over $3.4 billion of commercial loans to Pakistan, says source
KARACHI, Pakistan, June 29 (Reuters) - China has rolled over $3.4 billion in loans to Islamabad, which together with other recent commercial and multilateral lending will boost Pakistan's foreign exchange reserves to $14 billion, a finance ministry source said on Sunday. Beijing rolled over $2.1 billion, which has been in Pakistan's central bank's reserves for the last three years, and refinanced another $1.3 billion commercial loan, which Islamabad had paid back two months ago, the source said. Another $1 billion from Middle Eastern commercial banks and $500 million from multilateral financing have also been received, he said. "This brings our reserves in line with the IMF target," he said. The loans, especially the Chinese ones, are critical to shoring up Pakistan's low foreign reserves, which the IMF required to be over $14 billion at the end of the current fiscal year on June 30. Pakistani authorities say that the country's economy has stabilised through ongoing reforms under a $7 billion IMF bailout.
