NEW DELHI, AUGUST 30: The Foreign Investment Promotion Board (FIPB) today permitted Satyam Infoway Ltd to hike its proposed American Depository Receipt (ADR) issue by around Rs 275 crore to Rs 516 crore.Besides, Bank Brussels Lambert, part of the ING Group and AES Corporation have been given the green signal to pick up equity in Vysya Bank and Central Electric Supply Company (CESCO) respectively, FIPB sources said here.These were among the 25 proposals approved by the board today amounting to a total foreign direct investment inflow of Rs 750 crore.Satyam, has been allowed to issue an additional 16.5 lakh shares at a premium of Rs 790 per share. It previously held an approval for issuing 48 lakh shares at a premium of Rs 490 per share. However, the timing of the ADR issue was not mentioned.Bank Brussels Lambert (BBL), which is part of the ING Group, would be hiking its stake in Vysya Bank from the present 9.99 per cent to 20 per cent by infusing Rs 33 crore. The shares would be allotted to BBL on a preferential basis and at a premium of Rs 140 per share.Meanwhile, AES Corporation will acquire 51 per cent holding in CESCO for Rs 42 crore. The stake would be acquired by a joint venture company in which AES holds 95 per cent stake. Jyoti Structures holds the remaining five per cent equity in the company which has a paid up capital of Rs 50 crore.Papierfabrik Louisenthal Gmbh of Germany has been allowed to set up a 50-50 joint venture in India for making bank note paper and other security papers. The company would be infusing Rs 70 crore into the venture. The Indian partner for the JV has not been identified as yet.The board also cleared the proposal of Australian P&O subsidiary, South Asia Port Ltd, Mauritius to set up a container terminal at Kandla Port.South Asia Port would infuse Rs 110 crore to hold about96 per cent in the project. Indocean Diamond Tools Ltd was allowed to set up a wholly-owned subsidiary for the manufacture of diamond and carbide tools in Gujarat.Among other foreign investment proposals cleared by fipb were those of ORG Marg Research, Acer Computers, KPMG India and Meddison Square Holdings.The board allowed the proposal of VNU International to raise its stake in ORG Marg to 85.25 per cent from existing 79 per cent. However, the Indian promoter of the market research agency would have an option to buy back his stake in the company at a later stage.
