ANZ, Modicorp plans cleared

With this the equity capital of Modi-Telstra, which operates cellular telecom service in Calcutta circle, would go up to Rs 165 crore.

ANZ at present holds 50 per cent stake in Esanda Finance and Leasing Ltd, while the rest is held by non-resident Indians (NRIs) and Indian residents.

The sources said ANZ will bring in a new Indian partner after increasing its stake.

The multinational bank will bring in Rs 22 crore to increase the stake and meet the minimum capitalisation norm of $ 5 million laid down for NBFCs, the sources said.

Of the Rs 22 crore FDI, about Rs18 crore would be in the form of preference shares in Esanda Finance.

FIPB also allowed ABB Holdings (South Asia), the holding company of ABB India, to issue equity share worth Rs 4.5 crore to its parent company.

FIPB sources said ABB Holdings would use the fund to acquire the 51 per cent stake of Hartmann and Braun of Germany in CG-Elsag Bailey Ltd. Thapar group hold the remaining 49 per cent stake in CG-Elsag Bailey.

The buy-out is part ABB’s worldwide acquisition of Elsag Bailey, ABB sources said. ABB Holding is a fully-owned subsidiary ABB for coordinating its India investments.

The board also cleared a proposal of Italest SRL of Italy to start manufacture and marketing of plastic furniture in the country.

The Italian company would hold 74 per cent stake in the venture and bring in a FDI of Rs 74 lakhs, FIPB sources said.

It also cleared the proposal of Maharishi Solar Energy Pvt Ltd to set up a solar energy venture with an equity investment of Rs 10.5 crore.

Among other proposals clearedtoday was one by Mark Medicines of Russia to set up a drug venture in the country by investing Rs 18.5 crore. The Russian company would hold about 73 per cent stake in the venture, the sources said.

The Board also cleared a proposal of Woolmark India’s proposal to set up a wholly-owned research and development and training centre in India. Woolmark would bring in a FDI of Rs 4.25 crore for the venture, the sources said.

FIPB, however, deferred proposals of multinational EI Dupont and Mitsubishi.