Russian and Indian giants line up London flotations

Two major companies from emerging markets - the Russian equivalent of Carphone Warehouse and an Indian paper manufacturing giant - today announced plans to float on the London Stock Exchange.

Euroset Holdings, which is 50% owned by major HMV shareholder Alexander Mamut, is said to be aiming to raise as much as $1 billion (£610million). It claims to have 30% of the Russian handset market.

Four banks, Alfa Capital Markets, Credit Suisse, Goldman Sachs and VTB Capital, are working on the initial public offering.

BILT Paper, India's largest producer of writing and printing paper, is set to raise $330 million in its IPO and expects to join the FTSE-250 index.

Indian industrial giant Ballarpur Industries is majority owner of BILT, with Singapore sovereign wealth and JPMorgan also holding stakes. Citigroup and JPMorgan Cazenove are advising on the float.

At least two Russian companies, ChelPipe and OAO Koks, pulled IPOs in London last month because of market turbulence.