L&T To Demerge e-Engineering Services – Larsen & Toubro Ltd. plans to demerge and list its information technology and engineering services business in about two years. It currently operates as an independent unit, called e-Engineering Services. The listing will occur around the time the division has annual revenue of about $500 million. The business currently generates about $100 million in revenue annually and the unit hopes to make acquisitions to add around $250 million in annual revenue while the rest will be through organic growth. (Wall Street Journal)
Aditya Birla Retail Mulls IPO – Aditya Birla Retail is considering an initial public offer (IPO) and will time it as soon as it starts spinning profits. The company has not yet determined the amount of equity it would dilute. The company has charted a growth plan and plans to make itself a $2-billion entity by 2015-16. (Business Standard)
IIIrd i To Raise Rs 20 Cr VC Fund – IIIrd i is planning to raise Rs 20 crore venture capital (VC) funding to fuel its proposed gadget retail stores chain concept ‘NowGadget’ which it plans to open in Hyderabad, Bangalore, Chennai and Kochi by May 2010. Each store will have a carpet area of 5,000 sq ft and will entail an investment of close to Rs 10 crore, 70% of which will be funded through internal accruals. (Business Standard)
Spice Group Eyeing Acquisitions In MF, Broking Space – The B K Modi-spearheaded Spice Group plans to enter mutual funds, stock broking and distribution and micro-finance businesses by March 2010. The company is examining six proposals for acquisition in the broking and distribution space and is confident of sealing a deal before March 31, 2010. (Business Standard)
Morgan Stanley (India) Appoints Equity Market Head – Morgan Stanley has hired PV Krishna from Nomura India unit to head its Indian equity capital markets. He replaces Sumeet Puri, who had quit the company earlier this month.
Cox and Kings Prices Indian IPO – Cox and Kings (India) Ltd. has fixed the price of its Rs 610 crore ($131 million) initial public offering at Rs 330 per equity share. The IPO consists of a fresh issue of 15.45 million equity shares by the company and an offer for sale of nearly 3.05 million shares by Lehman Brothers Opportunity Limited, Deutsche Securities Mauritius Limited and Merrill Lynch Capital Markets Espana SA. (Wall Street Journal)
Mahindra And BAE Systems Sign JV Agreement – Mahindra & Mahindra Ltd. and BAE system signed an agreement to create a JV defense company based in India. Initial investment of both the companies will be $21.25 million over 3 years. The company’s equity split will be 74% Mahindra and 26% BAE system. (BSE)
Larsen & Toubro, NPC Form $370 Mn JV – Larsen & Toubro and Nuclear Power Corp announced a Rs 1,725 crore ($370 million) joint venture to make forgings. Nuclear Power Corp would hold 26% in the venture and the remainder by Larsen & Toubro. The venture would be funded through a mix of equity and debt with Rs 500 crore being the equity component. The new integrated facility would be set up in Surat and Gujarat. (Wall Street Journal)