Indian outsource group Infosys has informed that it would not raise the bid price of 600 pence a share for UK-based Axon, a move which rules it out from the battle to acquire the SAP firm.

After careful consideration, the board of Infosys has concluded this final decision, that it will not increase the price of its original offer dated August 25, 2008.

Last month, HCL Technologies had increased the bid to 650 pence per share for Axon valuing the company at 441.1 million pounds, at a premium of 8.3 per cent to Infosys' bid, worth 407.1 million pounds.

India Pharmaceutical major Wockhardt Limited has signed an in-licensing pact with UK-based Sinclair Pharma, to market a range of dermatology and dental products in Indian market. 

The 10-year exclusivity agreement covers a broad range of patented and innovative products, including Papulex, Atopiclair, Aloclair and Decapinol range. 

Further, the agreement also envisages that Wockhardt manufacture the formulation in India from bulk imported from Sinclair Pharma. 

IDBI Fortis Life Insurance has informed that the company will shortly open 24 branches, including six in Tamil Nadu, to expand its footprints in the southern region. 

The company, a joint venture of IDBI, Federal Bank and Fortis, Europe's banking and insurance firm, has launched its operations in March, this fiscal. 

Under its proposed expansion plan, the firm intends to open 100 branches across the country in coming months. 

India’s major steel manufacturer company JSW Steel is all set to become Country's largest private sector steel producer by end of the calendar year. 

Presently, Steel Authority of India (SAIL) is India's largest steel producer in the public sector with annual production close to 15 million tonnes, while in private sector Tata Steel tops the list with installed production capacity of 6.8 million tonnes. 

Engineering goods manufacturer Siemens Ltd has established a new, wholly-owned subsidiary company ‘Siemens Rolling Stock Pvt Ltd (SRSPL)’ to tap the potential in the Indian rail transportation sector. 

The recently formed firm is a 100 per cent subsidiary of Siemens Ltd, which would handle the Rolling Stock business in India. 

The latest moves comes in the wake of company’s buying land at Aurangabad to set up a facility to manufacture rolling stock, comprising coaches for trains and metros. 

According to the company, the rail transportation sector in India presents a huge business potential with many project plans being announced by the government.

Budapest - MOL plc, Hungary's expansion-minded oil and gas group, nearly doubled its stake in Croatian energy company INA to more than 47 per cent in a deal worth 1.2 billion dollars, MOL said Friday.

MOL said it expects anti-trust regulators to approve the purchase, which would give the Hungarian company a larger share of INA than the Croatian government's near-45-per-cent stake.