The board of Mahindra and Mahindra has approved the proposal to transfer the transport solutions group business and the light commercial vehicles business to a separate body, said a company statement issued here.

The company will seek the consent of its shareholders for the transfer of two business units by a postal ballot, added the statement.

The results of the postal ballot will be declared by the company at the 59th annual general meeting to be held on July 28.

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Venus Remedies to conduct trials for new drugs

Venus Remedies Ltd., one of India's mid-size pharmaceutical companies, said Tuesday that the company has got permission for conducting advanced clinical trials of the new formulation developed by its research and development wing.

The Drug Controller General of India (DCGI) has approved Venus Remedies' plans to conduct clinical trials, said a statement issued here.  

The company has begun "multi-centred phase III clinical trials" for its new formulation immediately after receiving the permission, added the statement.

According to Venus Remedies, the new formulation will provide total solution to the treatment of life threatening infections caused by multi resistant species. The formulation will be ready for commercial launch by December.

"Talks are at an advanced stage with some giants of Indian pharmaceutical industry for the right placement of this product in the market," said the company.

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CCS Infotech completes deals worth Rs.3.7 mn

CCS Infotech, a mid-size IT solutions company, said Tuesday it has successfully completed contracts worth Rs.3.7 million ($84,793) boosting the earnings in the current fiscal year.

The company has completed contracts with Mumbai's Brihanmumbai Electric Supply and Transport (BEST) undertaking, High Court of Madras, and Maharashtra State Electricity Board, said a statement issued here.  

"As the IT spending environment stabilises, customers are increasingly demanding integrated services backed by high-quality service delivery," said the statement.

"The Company's early identification of this trend has resulted in record revenues. As a result, the company saw healthy growth by adding new customers as well as improved business from existing customers," it added.

Some of the company's existing clients are Central Excise Department, Central Telegraph Office, Income Tax Department, Indian Institute of Technology, Videsh Sanchar Nigam Ltd. (VSNL), Cine Films and Arts, and Consulate of Japan.

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Everest Industries inks pact with Brazil firm

Everest Industries Ltd. said Tuesday the company has entered into an agreement with Brazil's Brasilit Ind, a wholly owned company of Saint Gobain, for sharing technology in making roofing sheets.

Further, the company informed the Bombay Stock Exchange that it has commenced commercial production of its line-2 at Podanur Works effective June 2.

The will manufacture Everest HI-TECH, a polypropylene fibre cement based corrugated cement reinforced roofing sheets.