MUMBAI, DECEMBER 16: The Aditya Birla group, which has planned a major foray into the infotech business, may constitute a new company funded by its Indian ventures for investments in emerging business like knowledge-based industries, a senior group official indicated on Thursday. A similar company funded by the group's South-East Asia businesses has invested in a US-based provider of online learning solutions, Learning Byte International (LBI).The group has acquired management control of LBI through New Millennium Investments. The investment was made in November and the group has nominated four directors on the LBI board - Jagdish Sheth of Emory University, Bharat Singh, G K Tulsian and Rajiv Tandon. Tandon has been appointed president and CEO of the company. Singh is senior group president for corporate strategy and business development.He declined to reveal the group's stake in LBI and at the cost at which it was acquired. LBI had revenues of $ 5 million last year and is currently runninglosses.For the year ending March 2000 it has projected a revenue of $ 15 million. It is a privately held company and plans to list on the Nasdaq within the next two years. Part of the funds invested by the Birla group will be used for acquisitions.United Tele to expand operations MUMBAI: Unilazer group company, United Tele Shopping and Marketing Co, may soon opt for a second round of funds infusion. Venture capitalists Walden and Draper, who hold 45 per cent between them in United Tele Shopping, have shown interest in participating in the second round, group chairman Ronnie Screwvala said on Monday.Addressing a press conference to announce the launch of tsnshop.com, an online shopping mall, Screwvala said the group was planning other online initiatives as well, which would have synergies with UTV. tsnshop.com currently stocks over 1000 products in 14 categories. The online mall has an edge over others in that it already has a network in 92 locations which current cater to itsteleshopping customers.
