Retailers Subhiksha and Landmark have categorically denied newspaper reports that they are up for sale and that they are in talks with Reliance Retail for selling out to the Mukesh Ambani-controlled company. A financial daily had reported that RIL is looking to acquire smaller retailers like Subhiksha and Landmark to take on the proposed Bharti-Wal-Mart combine.
Centurion Bank of Punjab Ltd, the Ambit RSM Group and the TV-18 Group are forming an equity broking venture in India. The businesses will be managed by a professional Board chaired by Rana Talwar. The bank said that the initiative would enable the bank to offer an increasing array of sophisticated financial products to its mass affluent and high net worth customers.
JP Morgan Chase has invested $60mn in a Mumbai based realty project being developed by Lodha Builders through its real estate investment arm. The investment, being touted as the largest ever in a Mumbai-based realty company's project, has reportedly been made in a premium residential property at Mahalaxmi.
Idea Cellular Ltd., part of the Aditya Birla Group, has filed the Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) for its forthcoming Initial Public Offering (IPO) of equity shares. The cellular service provider plans to raise as much as Rs 25bn through the maiden public issue. The IPO also has a green shoe option totaling Rs 3.75bn. The company is also considering a pre-IPO placement not exceeding 15% of the issue.
Glenmark Pharmaceuticals' US arm has signed another supply and marketing agreement with Lehigh Valley Technologies, Inc. [LVT] for the manufacturing and marketing of 7 products for the US market. As per the agreement, LVT will develop and manufacture the products. These products will be filed with the FDA under Glenmark’s name and marketed exclusively by Glenmark in the United States. The company expects to launch these products starting FY09.
State Bank of India is likely to come out with a public issue in the next financial year, the bank's Chairman O P Bhat said on Thursday. The raising of Tier I capital would be undertaken once the SBI amendment Bill is approved by the Parliament. The Chairman also said that the bank is planning to raise Tier II capital of Rs20bn by March in this financial year.
Essar Steel has completed the expansion of steel manufacturing capacity at its Hazira Complex in Gujarat, India to 4.6mn tonnes. The expansion project was completed in 18 months with an investment of Rs19.75bn. The expansion makes Essar Steel India's largest producer of flat steel in the private sector, accounting for close to 23% of the country's flat steel capacity.