Infrastructure company Larsen and Toubro Ltd (L&T) has acquired 26% equity in consulting and engineering firm Feedback Ventures Pvt. Ltd for Rs40 crore. L&T was one of Feedback’s largest clients in 2006-07, the company said in a press statement. Promoters of Feedback Ventures also increased their holding to 46%, buying out investors such as real estate company DLF Ltd, while infrastructure finance company Infrastructure Development Finance Corp. Ltd reduced its equity stake to 16%. With this new status the Feedback Ventures management hopes to significantly enhance its presence in most infrastructure sectors by working alongside L&T, both domestically and internationally. The company, which employs 800 professionals, provides engineering and project management advisory services. (Livemint)   more »

Italy's Prysmian Group is poised to fork out a minimum of Rs 130 crore to acquire a majority 60% stake in Kolkata-based Nicco Corporation’s industrial cables business. Nicco will spin off its cables business into a distinct JV company, christened Nicco Cables, in which Prysmian Cable Moulding, Netherlands will hold 60% while the balance 40% stake will be held by Nicco. Nicco has just inked a JV agreement with Prysmian Cable Molding. “The entire cables business of Nicco will be transferred into the new company in which Prysmian will have a 60% shareholding,” Nicco chairman Rajive Kaul told ET on Tuesday. Nicco is likely to receive a consideration of Rs 130 crore for transfer of its cables division. According to the contractual arrangement, the Nicco Cables board will consist of five directors, three of them including the managing director will be appointed by Prysmian and other two, including the chairman, will be appointed by Nicco. Rajive Kaul will be chairman of the new company, while Prysmian will be responsible for managing the JV’s operations.   more »

Global investment group Eton Park will spend 5.01 billion rupees ($127 million) for about 5 percent in the asset management arm of Indian financial services firm Reliance Capital Ltd RLCP.BO, the Indian firm said on Wednesday. The funds will be used for domestic and international expansion, Reliance Capital said in a statement. The transaction is subject to approvals and is expected to close in January 2008, it said.(Reuters)   more »

Private equity firms are likely to pick up stake in Bengal Faith Health Care, the Special Purpose Vehicle (SPV) formed to set up the Bardhaman Health City, a Rs 1,000 crore PPP (public-private partnership project) to come up on a 60-acre plot near Durgapur Expressway(NH-42). “We are in talks with some private equity firms who have evinced interested in acquiring stake in Bengal Faith Health Care (BFHC) and we are open to offloading stake in the SPV”, said S S Chakraborty, chairman of CES Infratech, a joint venture between Consulting Engineering Services (India) and West Bengal Industrial Development Corporation (WBIDC).   more »