Nokia and HCL Form JV for Direct Sales - Nokia has entered into a joint venture (JV) with HCL Infocomm to set up exclusive retail outlets that sell handsets and services directly to consumers in India, taking advantage of a provision that allows foreign firms to own majority stakes in such ventures. The world’s largest mobile handset maker will hold a 51% stake in the venture with HCL Infocomm, a 100% subsidiary of HCL Infosystems. This is the first single-brand retail JV in the mobile handset space in India. The venture will set up flagship Nokia handset stores and virtual Nokia Music stores. It will also sell Nokia’s luxury Vertu handsets and consumer services under Ovi brand. (The Economic Times)

Bhushan Steel Gets Nod to Go Ahead With Open Offer for Orissa Sponge - Market regulator Securities and Exchange Board of India (SEBI) has allowed Bhushan Steel, one of the three contenders for Orissa Sponge Iron & Steel, to go ahead with its open offer for the Bhubaneshwar-based company. The market regulator has taken a view that there is no need for stalling the open offer made by Bhushan Steel. However, SEBI has also maintained that it will conduct an investigation into the alleged violation of takeover rules by Bhushan Steel as alleged by Orissa Sponge. (The Economic Times)

Angel Broking in Talks to Raise Rs 250 Crore to Fund Expansion - The Rs 3,500 crore specialist retail brokerage and wealth management house Angel Broking is planning to finalise its Rs 200 to 250 crore fund raising plans between December and March next. With a network spanning across 250 cities in the country, this would be its second round of fund infusion exercise to push ahead its growth plans. It is the first equity broking group to have attracted the International Finance Corporation (IFC). The World Bank private equity arm has picked up 12.35% stake in the group’s holding company Angel Infin. (The Economic Times)

Sanwaria Agro May Hit The Market to Raise Rs 150 Crore - The stock of refined soya bean oil producer Sanwaria Agro Oils has been moving up amid rumours that the company is planning to tap the market to raise fund. The company may raise close to Rs 100-150 crore by way of fresh issue of shares and is in talks with some private equity investors. A fund raising would help Sanwaria finance its expansion plans. The issue will result in diluting about 10% of the promoters’ stake. (The Economic Times)

Redevco May Invest in Sobha Developers - Redevco, one of Europe’s largest real estate investment and development firms, with a $10 billion portfolio, is understood to be looking at investing around Rs 300 crore in various projects of Bangalore-based Sobha Developers. Redevco set up office in India in late 2008. If the discussions with Sobha fructify, it will be its first investment in India. Sources suggest that Redevco has had initial discussions with the management of Sobha Developers, which is mired in debt like many of its peers. The investment, if it materialises, is expected to be tied up by September 2009. (Business Standard)

SBI to Lend Vodafone Rs 10,000 Crore - State Bank of India has agreed to lend Vodafone-Essar, the joint venture between UK’s Vodafone and Essar, Rs 10,000 crore to finance the company’s entry into 3G (third generation) telecom services and expansion of its broadband operations. The five-year loan carries an interest rate of 13.25 per cent for the first two years; thereafter, it will be re-adjusted on the basis of the average prime lending rate of four public sector banks - SBI, Punjab National Bank, Canara Bank and Bank of Baroda. (Business Standard)

SpiceJet in Talks with GoAir, IndiGo for Alliance - Low-cost carrier SpiceJet is still in talks with rival budget carriers GoAir and IndiGo for an alliance. The talks are on with Go Air for a merger or buying it out but the discussions are still at a nascent stage. SpiceJet is also talking to IndiGo and the two are looking at doing business together. (Business Standard)

KTwo Technologies to Raise Rs 15 Crore - KTwo Technology Solutions, a Bangalore-based two-year-old software products company, is planning to raise around Rs 15 crore to fuel its expansion plans. The company recorded revenues of Rs 11.56 crore for year-ending March 31, 2009, registering an organic growth of 83% compared to the previous year. The EBITDA was Rs 1.61 crore, a growth of 128% compared to the previous year. The company added 10 new clients during the year. Established in February 2007, KTwo specialises in products and solutions that complete the last metre connection in an information link. (Business Standard)

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