Bizbits

JV curbs
NEW DELHI: In a major policy decision, the government has decided to bar foreign companies having technical collaboration and minority stake in Indian companies from competing with their existing venture by settingup another majority joint venture.

This decision was taken by the Foreign Investment Promotion Board FIPB last Saturday while clearing the proposal of the 13-billion Denso Corporation of Japan, which already has over 24 per cent stake in Subros Ltd for the manufacture of automobile air-conditioners, to set up another joint venture with 74 per cent equity stake for the manufacture of the same product.

Modiluft
NEW DELHI: Modiluft8217;s 50-million cumulative preference share issue is likely to sail through with the company getting firm commitments to the tune of 75 million from overseas investors during roadshows held in the last four weeks. When contacted, ModiLuft chairman SK Modi said, quot;There has been an overwhelming response to our issue. This issue will finance the airline8217;s re-launch.quot; quot;ModiLuft is likely to re-launch its operations by the end of this year.