The Telegraph
Since 1st March, 1999
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Centre approves Patni share deal

New Delhi, May 20: Patni Computer Systems Ltd, the company where Infosys mentor Narayana Murthy, MD Nandan Nilekani and its other founders once worked, is transferring shares to six overseas investors, including PCS founder Narender Patni.

The transfer of shares currently held by residents and overseas corporate bodies will involve an FDI inflow worth Rs 30.63 crore. The other investors are iSolutions, Bank of New York, GE Capital Mauritius Equity Investment, General Atlantic Mauritius Ltd, and GE APC Technology Investment Mauritius Ltd.

The Patni proposal was among a batch of 21 proposals worth Rs 93.26 crore that were cleared by finance minister Jaswant Singh. These proposals largely pertain to the business of introduction of technology for colour TVs, video-cassette recorders, audio products, communication products, software development and stock-broking.

Deutsche Asia Pacific Holdings Private Ltd will invest Rs 24 crore to set up a stockbroking company in Mumbai Deutsche Equities India Private Ltd in which the Singapore-based parent will have a 74 per cent stake.

Thomson Multimedia Asia, a consumer electronic company, will also invest Rs 20 crore to raise its foreign equity from 86 per cent to 89.11 per cent in order to introduce technology for colour televisions, video cassette recorders, audio products and communications products in India.

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