New Delhi, Feb. 24 : The US-based Nostrum Pharmaceuticals has obtained worldwide licensing rights from the Indian-based Institute of Microbial Technology (IMTECH), to develop and commercialise Caerulomycin A, and its proprietary derivatives and analogues for their novel indication and immunosuppression.

IMTECH is a constituent laboratory of the Council of Scientific and Industrial Research (CSIR),

Significance of the deal lies in potential of Caerulomycin to develop into a blockbuster drug to be used to prevent organ transplantation rejection and diseases such as certain autoimmune disorders where immunosuppression is the key to the mitigation of the symptoms.

MSD India, a wholly-owned subsidiary of US drug maker Merck & Co, has revealed its plans to hire 300 people by December end this year.

The new hiring will be spread across all areas of its operations.

Presently, the company has staff strength of about 700 employees, which it wants to raise to 1000 by end of this year.

Apart from latest revealed move, the company is also looking to expand its presence in the Indian market, where it intends to introduce more vaccines.

Country's largest power generation and other heavy equipment maker, Bharat Heavy Electricals (BHEL) has informed that it has secured an order worth Rs 3,150-crore contract from the Madhya Pradesh Power Generating Company for installing main plant package (steam turbines and generators).

It should be noted that this is the first order secured by BHEL for the new-rating units of 600 MW.

Apparel and accessories player Cantabil International is preparing to set up 280 outlets of its 'Cantabil' and 'Lafanso' brands across the country by March 2010.

The newly planned stores would be spread across metros, tier-I and tier-II cities and each store would be of 500-6,000 square ft in area. Out of total proposed stores, 80 would be Cantabil (premium segment) and 130 would be Lafanso (discount segment).

New York  - Ford Motor Company and union leaders reached an agreement Monday designed to lower health care costs in the ailing US car industry.

The deal would allow the carmaker to make contributions to the United Auto Workers (UAW) health care plan for retirees with up to 50 per cent stock instead of cash, a move the manufacturer said would help it meet its obligations. Ford owes 13.6 billion dollars to the Voluntary Employee Beneficiary Association, as the health care trust is known.

Country's largest power generation and other heavy equipment maker, Bharat Heavy Electricals has paid an interim dividend of Rs 298 crore to the Central Government for its financial performance during 2008-09.

On account of the equity participation of 67.72 per cent in the corporation, a dividend cheque for Rs 298 crore was presented to Union Minister for Heavy Industries and Public Enterprises Sontosh Mohan Dev by BHEL Chairman and Managing Director K Ravi Kumar.