Modi Telstra, cellular services operator for Calcutta, will increase its authorised share capital to Rs 150 crore from the current Rs 90.7 crore. The total equity holding will increase to Rs 133 crore.
The current 51:49 share holding pattern between the Modi Group and Telstra respectively will continue. As per the enhanced equity structure, Telstras stake will be worth Rs 65.17 crore.
Australian public sector major, Telstra International, directly holds 25.3 per cent stake in Modi Telstra another holding company,
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Telstra South Asia Holding Ltd, Mauritius, has the remaining 23.7 per stake.
Telstra International has got the Foreign Investment Promotion Board (FIPB) permission to set up a wholly-owned subsidiary in India. The companys plan to invest Rs 108 crore over the next five years will be routed through this subsidiary.
Modi Telstra recently approached the department of telecommunications(DoT) with a proposal to bid for the second cellular licence for West Bengal circle which falls under Circle B, said Simon Beresford-Wylie, chief executive officer, Modi Telstra.
DoT is currently working on some of the other queries for bidding in this circle. Koshika Telecom, Usha Martin Telecom Ltd and a group comprising of Mahanagar Telephone Nigam Ltd & others, have reportedly shown interest in the second licence for the West Bengal circle. The licence fee for this circle is unlikely to be less the Rs 42 crore.
Modi Telstra is currently shifting a major portion of its cellular infrastructure to a new 70,000 sq ft office complex at the Infinity Building, Salt Lake. The company has already invested a substantial sum in this new office complex, and will incur Rs 20 crore to move its operations to this new site, which includes installing an upgraded network system with an expanded switching capacity to 75,000. The company will resume its operations from this new centre from January, 1998.
Modi Telstra is currently installing a data warehousing software developed by Informix. The design phase of the project has been completed. Though this software was customised for Modi Telstra, Informix is now planning its global marketing.