Mahindra & Mahindra Group Forms A Trust As The Holding Co For Its Subsidiaries : Auto major Mahindra & Mahindra (M&M) has taken a leaf out of ICICI Bank’s book. It has created a trust which would hold 8.7% stake in the company, after the merger of two subsidiaries — Punjab Tractors (PTL) and Mahindra Holding Finance — with itself. ICICI Bank had adopted a similar structure six years ago.
Lehman’s Back Office Operation In Mumbai Coming To An End : Race for the back-office operations of the bankrupt US investment bank Lehman Brothers in Mumbai is coming to an end. The last date for submission of bids for the operations at Powai, in the outskirts of the city, is early Wednesday (late Tuesday in New York)
Mahindra’s Hospitality To Go For An IPO: Mahindra Holidays and Resorts (MHRIL), a group company of the $6-billion Mahindra & Mahindra group, is seeking regulatory approval to raise about Rs 450 crore from sale of additional shares in an initial public offering (IPO)
Pipavav Shipyard To Raise More PE Money: Pipavav Shipyard, promoted by SKIL Infrastructure, to raise more money through PE funds as it is having second thoughts on going ahead with its proposed $150-million IPO in the wake of the recent tremors on Wall Street that continues to rattle global and Indian markets
An Advertising Agency JV In The Offing: Kurien Mathews, who was director with Omnicom-owned TBWA until recently, is most likely to form a 50:50 JV with New York-based communications agency StrawberryFrog.
Telecom Rings Wide And Far : Russia ventures into Indian telecom sector (Shyam Telelink Ltd, a 74:26 joint venture between the Russian conglomerate, Sistema Corporation (SSA) and India’s Shyam Group, on Tuesday launched their CDMA mobile services in the Rajasthan circle)
GIC To Reach Brazil : General Insurance Corporation of India, is into Brazil next month for reinsurance business
Merrill Lynch Hires From Lehman For Its Asia Ops: Merrill Lynch, which is being acquired by Bank of America, has six investment bankers from another troubled US financial major Lehman Brothers for its Asia operations