FIPB nod to Satyam ADR issue, Alcatel buy-out plea

The high powered board also allowed Reuters news agency to expand its services in India though without infusion of fresh equity and Teksid of Italy to purchase its partner’s stake in the auto component manufacturing joint venture. Kodak India has also been given the green signal to infuse fresh equity and hike stake from 74 per cent to 83.75 per cent.

Satyam Infoway has been allowed to float 4,175,000 shares of Rs 10 each as ADRs at a premium of Rs 490 each, which would not exceed an equity increase of 37.97 per cent. The company is engaged in the business ofsetting up public data network for electronic data interchange and internet services.

The FIPB also allowed a US-based venture banking firm – Warburg Pincus and Company – to pick up an additional 20 per cent stake in Sunil Mittal-promoted Bharti Televentures for Rs 456 crore. The firm already owns 20 per cent stake in the Bharti group company.

Of this additional 20 per cent, 16 per cent would come from Bharti Enterprises’ Shareholding while the remaining four per cent from foreign partner Telecom Italia’s shareholding. With this approval, Mittal’s stake in the venture has been reduced from 80 per cent to 64 per cent.

Another Bharti group company – Bharti Global Limited was today allowed to acquire 49 per cent stake in Bharti Healthcare limited for Rs 1.37 crore. Bharti Healthcare is engaged in the business of producing Gelatine capsules.

Alcatel of France has been allowed to buy-out its partner Modicorp’s 51 per cent stake in Alcatel Modi Network Systems Limited for Rs 36 crore. The company is engagedin the business of manufacturing equipment for the telecom sector, including digital and cellular equipment.

Meanwhile, Hoechst Schering Agrevo of France has been allowed to bring in Rs 46.5 crore to pick up a 51 per cent stake in Mitsui Industries, which is a firm engaged in the business of manufacturing agrochemicals and is floated by two Indian individuals.

In the consultancy sector, Apco of United Kingdom has been allowed to set up a venture to provide advisory services and consultancy. The venture would be floated with 76 per cent foreign equity and 24 per cent NRI equity with a total equity base of Rs 36.5 crore.

Thomas publishing company of the United States has been allowed to set up a wholly owned subsidiary in India with an investment of Rs 2.25 crore for publishing trade and commerce directories, which would not be registered with the registrar of newspapers.

Meanwhile, a Singapore-based firm – Straits Construction Company Pte – has been allowed to set up two training centres forconstruction workers. Foreign equity would be capped at 40 per cent each in both the ventures, involving an infusion of Rs 20 lakh each. The company would not indulge in any recruitments here.

Three US-based firms – Banner Speciality Metals, Silverleaf and Amerisource – have been allowed to hike their holding in a mining venture "Meta Strips Limited" from 10 per cent to 31 per cent by infusing Rs 170 crore.

Malabar Exports Private Limited has been allowed to bring in Rs 38.5 crore for a venture to export granite marbles from India.

Scorpio Scrapers India Limited has been granted the go ahead to bring in Rs 1.5 lakh to pick up 14 per cent stake in a venture to manufacture conveyor belt equipment.

Kodak India Limited, engaged in the business of producing cameras, imaging goods and photo chemicals, has been allowed to infuse an additional Rs 4.2 crore to hike its equity from 74 per cent to 83.75 crore.

Tupperware has been allowed to set up a downstream venture in India and pick up 80 per cent stake inthe company by bringing in Rs 2.5 crore. However, the applications of United Dominic, Canon, GE Plastics and Denso were deferred for two weeks each.