FIPB clears Wipro, Nicholas Piramal ADR issues

FIPB clears Wipro, Nicholas Piramal ADR issues
ENS ECONOMIC BUREAU

NEW DELHI, MAY 11: The government has cleared the proposals of software major Wipro and Pharma company Nicholas Piramal to raise Rs 2,795 crore and Rs 430 crore respectively through American Depository Receipts (ADRs).

Multinational Bechtel, involved in executing the turnkey Tirupur water supply project, has been given approval to bring in an investment of Rs 190 crore in the project while Hinduja National Power Corporation Ltd's validity of the financial closure had been extended for their 1000 MW power project in Vishakapatam.

Hindujas', however, would not have to bring in any fresh foreign investment in the project. Canon India, manufacturers and distributors of copiers, have been granted approval to expand their activities in India with further infusion of funds worth Rs 43.50 crore, the data said.

It said Mauritius based All Asia Television Broadcast Ltd engaged in telecom, internet service providers and software business, had got approval for infusing Rs 21.75 crore while the Hong Kong-based Channel V Music Networks Ltd proposal to bring in an additional Rs 4.3 crore in their Indian operations has been cleared.

Leading Xerographic equipment and systems manufacturer Modi Xerox Ltd has got the FIPB approval for extending their technical collaboration agreement. Software company Bazee.Com.inc of US has been permitted to amend their activity clause. The US multi-national company is involved in software development, the data said adding another software company Nicco Infotech Ltd has been allowed to increase their foreign equity form 51 per cent to 100 per cent with an investment of Rs 1.48 crore.

Software Communications company UTV Software Communications Ltd has been allowed to increase equity from 61 per cent to 63.57 per cent by way of equity swap which would not entail any inflow of foreign investments. FIPB also cleared proposals of software company Encoresoftware Ltd to reduce its equity from 31.11 per cent to 10.35 per cent and to bring in foreign investment of Rs 6.28 crore.

The proposal of Infrastructure Leasing and Financial Services Ltd to bring in Rs 41.40 crore of foreign funds have been approved, the data said adding that FIPB also cleared the proposal of Cyanamid India Ltd, engaged in manufacture of agrochemcials, to increase its equity from 39.99 per cent 74 per cent.

SREI international Finance Ltd engaged in providing lease financing, merchant banking and hire purchase services have been given approval to issue bonds and detachable tradeable warrants worth Rs 43.50 crore, the data said. It said manfucturer of agricultural tractors, Greaves Ltd has been given approval to trasfer technology agreement in favour of a newly set up joint venture company. This would not entail any fresh foreign investment in the company, the data added.