GlaxoSmithKline has asked for the approval of India's Foreign Investment Promotion Board for its planned acquisition of a 24.33% stake in its Indian arm GlaxoSmithKline Pharmaceuticals Ltd. GSK will fund the stake hike by investing INR6,400 crore.
Asia/Pacific
Nidec Sankyo acquires Mitsubishi Materials CMI unit in Japan
Japanese electric motors manufacturer Nidec Sankyo Corp completed the purchase of Mitsubishi Materials CMI Corp for an undisclosed sum, according to an announcement made by Nidec Corp.
Indian tech incubator BitChemy invests $6M in three startups -report
Hyderabad, India-based tech incubator BitChemy Ventures poured in $6 million in three startups - 3LOQ Labs, Cafyne Inc, and Altiux Innovations, according to a report.
China's Harbin Bank eyes $1B Hong Kong IPO
China-based firm Harbin Bank is planning to file for a $1 billion initial public offering (IPO) in Hong Kong within January, according to sources familiar with the matter.
Indonesian state-controlled builder Wijaya Karya completes Sarana Karya buy
Indonesia-based state-run builder Wijaya Karya (WiKa) completed the purchase of state-controlled asphalt manufacturer Sarana Karya in a deal that is expected to support WiKa's expansion projects.
Latest News
China said it would give more support to the domestic solar power industry as the government seeks to revamp a sector that is plagued with overcapacity and lower prices, Reuters reported.
China may topple the US as the top trader of the world for the first time when it unveils the value of trade of its goods for 2013, The Brics Post reported.
Malaysian firm Cahya Mata Sarawak has agreed to work with various companies to build the first integrated phosphate facility Southeast Asia, the Daily Express reported.
The first Johnny Rockets restaurants in Pakistan was opened today in Dolmen Mall in Karachi by franchise partner Hamdan International as part of its plan to have ten Johnny Rockets chain in the country by 2022.
Tactus Technology, an on-demand tactile surfaces provider, said it closed the first part of its Series B funding round with existing investors led by Thomvest Ventures and the participation new investors from Asia.
The private equity industry worldwide was able to reach $431 billion in fundraising last year, an increase of 13% from the funds raised in 2012, a Preqin study revealed.
Philippine-based budget carrier Cebu Pacific Air is planning to buy Southeast Asian Airlines-operated Tigerair Philippines as the airline eyes an expansion in its market share.
The State Grid Corp of China officially completed the $7.5-billion purchase of interests in Australian power firms SP AusNet and Jemena from utilities group Singapore Power.
Philippine-based bank Rizal Commercial Banking Corp (RCBC) has completed the sale of its 65% stake in credit card issuer Bankard Inc to RYM Business Management Corp, according to a disclosure to the Philippine Stock Exchange.
