Kapil Setting Up Firm To Illuminate Stadia
India's cricketing hero of yesteryears, Kapil Dev, is venturing into a project that is very close to his heart as well as to his favourite game and India's passion - cricket. 38-year old Dev has set up his own lighting company that would undertake projects to illuminate sports stadia in the country.
The Foreign Investment Promotion Board (FIPB), in its meeting on last Saturday, has cleared a proposal by Dev to form a technical collaboration-cum-joint venture with the US-based Musco Lighting of Asia.
The joint venture company, in which both Dev and Musco will pick up 50 per cent equity each, will execute projects to illuminate all sports stadia and recreational centres in the country. Each partner will initially contribute Rs 5 lakhs as equity in the new venture named Dev Musco Lighting Pvt Ltd. Musco is already a well-known name in sports circles in the country, and has executed similar lighting projects for different sports clubs and grounds.
Recently, it had arranged for the lighting at the Mohali stadium near Chandigarh for the last day-and-night cricket match played there.
Meanwhile, another lighting project that received FIPB clearance in the same meeting was the proposal by GE Apar Lighting to increase its equity base which would result in an additional investment of $10 million.
This increased GE's investment in the company from $30 million to $40 million.