FINMIN REVISING STRATEGIC SALE PROCEDURE FOR CPSES

NEW DELHI: The finance ministry is reworking strategic sale procedure to ensure outright sale of Central public sector enterprises (CPSES) within four months of issuance of documents to potential investors, a move aimed at ensuring speedier conclusion of the entire process, an official said. However, for CPSES like Air India, which are relatively bigger in size, the timeline for completion of strategic sale is likely to be fixed at six months from the date of issuance of Preliminary Information Memorandum about the firm. Currently, there is no set timeline for concluding strategic sale of a state-owned company and the entire process, in some cases, drags on for months, if not years. “The strategic sale policy is already in place, but the procedure needs to be streamlined so that the sale process is completed within 3-4 months’ time. The thinking is that if a process cannot be completed in 4 months then it should be abandoned,” an official told PTI.

Teva CFO says company did not conspire to fix prices

JERUSALEM: Teva Pharmaceutical Industries’ chief financial officer on Sunday reiterated that the company has done nothing wrong in the wake of a price-fixing lawsuit filed by 44 US states. Mike Mcclellan told a conference in Israel that the suit was an amended one and not new, while stressing it was civil and not criminal. “There have been no developments in this area,” he said. “We take these accusations seriously and we are going to defend ourselves.” Teva’s US unit and 19 other drug firms conspired to divide up the market for drugs to avoid competing and, in some cases, conspired to prevent prices from dropping or to raise them, according to the complaint filed on Friday in the US district court in Connecticut. Prosecutors said

Teva Pharmaceuticals USA Inc. had orchestrated to inflate drug prices—sometimes by more than 1,000%—and stifle competition for generic drugs. “The allegations in this new complaint, and in the litigation more generally, are just that—allegations,” Teva said. “Teva continues to review the issue internally and has not engaged in any conduct that would lead to civil or criminal liability.”

Car rental startup HYPE in talks to raise $20-30 mn

BENGALURU: Bengaluru-based luxury car rental startup HYPE Technologies is in early talks to raise $25-30 million in a Series A round of funding, from venture capitalists and car makers including BMW Group India and Mercedes India, according to a top company executive. HYPE is also in talks with PE investors and finance management companies, the company’s chief executive Raghav Belavadi said in a phone interview. Belavadi said that HYPE will use the inbound funds to finance purchase of vehicle assets. The startup’s rental fleet offers high-end luxury vehicles such as BMW, Audi, Mercedes, and Maserati. Users book cars for rent directly from HYPE’S website or through its mobile app. HYPE, which was launched in 2017, runs on an aggregator model, working with dealers, and manufacturers. Post the funding, HYPE plans to pivot into an ownership model, according to Belavadi. The startup provides services in seven cities, including New Delhi, Mumbai, Bangalore, Hyderabad, Chandigarh, Chennai, and Goa.

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