Govt okays WorldTel proposal

The government has also approved the proposals of the US multinational Duracell and Bharati Televentures Ltd to increase the foreign equity in their Indian ventures.

Duracell will increase its stake in the Indian subsidiary, which manufactures alkaline batteries, from 93 per cent to 96 per cent by bringing in Rs 43 crore, while foreign partner of Bharati Televentures will increase the stake from 36 per cent to 49 per cent infusingan FDI of Rs 25.65 crore.

State-owned Mahanagar Telephone Nigam’s proposal to tap the overseas market through global depository receipts (GDR) has also been cleared by the industry ministry, which is the nodal ministry dealing with FDI approvals. However, MTNL has since decided to defer its GDR issue in view of the volatile market conditions.

Among other FDI proposals cleared by the Minister are that of Zurich Insurance Company of Switzerland for increasing stake in its asset management company in India from 50 per cent to 100 per cent. Zurich Insurance will invest Rs 31.87 crore to buy the stake from the Indian partner.

Pradip Kar’s Microland Ltd was also allowed to bring in foreign equity of Rs 28.27 crore in its computer consultancy and software services venture. The foreign partner would hold 36.57 per cent in the venture.

The Minister also approved the proposal of Escorts Yamaha Motors Ltd to issue preference shares to the tune of Rs 12 crore to a foreign partner in their motorcycle jointventure.

Reva Electric Company has been allowed to set up a unit to manufacture electric powered passenger cars in the country with a foreign investment of Rs 18.06 crore. The foreign partner would hold 36.75 per cent stake in the venture.

Australian Drillcrop Western Deephole has been allowed to set up a wholly-owned subsidiary in India for drilling operations for exploration of minerals and other associated sectors.