Lucent Tech Gets Nod To Hike Capital

Lucent Technologies (India) Ltd, a wholly-owned subsidiary of US major AT&T Corp, has been permitted to increase its paid-up capital from the present Rs 30 crore to Rs 75 crore.

The company's entire paid-up capital is held by foreign entities, with Lucent Technologies International of the US holding Rs 29.90 crore and Lucent Technologies Asia Pacific, HK, Rs 0.10 crore.

The permission granted by the Foreign Investment Promotion Board for the increase stipulates that the company will remain totally foreign-owned and the increase will have no bearing on the shareholding pattern.

The department of electronics had supported the proposal, subject to the condition that the company fulfil the export obligations under the software technology park scheme (STP) and provide necessary details under the scheme.

 

The proposal will now be taken up by the industry ministry for final approval.

The company has also been granted a foreign collaboration approval to set up a wholly-owned subsidiary for the development of computer software systems, engineering, services, and technical services including systems installation and hardware and software development under the STP scheme.

Lucent Technologies India was initially incorporated in the name of NCR Information Technologies Ltd. Its name was then changed to AT&T (India) Ltd. On March 18, 1996, AT&T Corp was permitted to set up two more subsidiaries. Following global corporate restructuring of AT&T Corp, the Indian subsidiary was renamed as Lucent Technologies.