In two other similar cases, Mattel Inc of US hiked its equity holding in Mattel Toys (India) from 40 per cent to 100 per cent, buying out the Indian partners, Vibhuti Investments and DGP Securities' holdings. While Tenneco of Mauritius increased their stake in Walker Exhaust India to 90 per cent.

NHK Spring and Allevard Resorts had to hike their holdings in Jamna NHK Allevard following the inability of Jamna Auto group, the local partner, to bring in its 26 per cent equity contribution. Jamna Auto has now settled for a 15 per cent stake. The company's equity capital has been expanded from Rs 6.20 crore to Rs 35 crore.

Post-equity recast, NHK Spring will hold 58 per cent stake against the originally-planned 51 per cent, while Allevard Resorts' holding will go up to 24 per cent from 20 per cent. The equity holding of Nissho Iwai Corporation, the third foreign partner, will remain unchanged at 3 per cent.

Jamna NHK Allevard manufactures coil springs for automotive suspensions and railways, and stabilizer bars and torsion bars for automobiles.

In case of Mattel Toys India, the local partners are learnt to have expressed their inability to invest any more funds in the venture.

Tenneco has consolidated its stake in the Indian subsidiary Walker Exhaust India from 80 per cent stake to 90 per cent through Tenneco Mauritius. Walker Exhaust India manufactures automobile exhaust systems.

While hiking its equity holding to 90 per cent in the local subsidiary, the foreign holding is also being transferred from Tenneco Mauritius to Tenneco Automotive India, a wholly-owned subsidiary acting as a holding company of the Mauritius company.

The proposals of all the three companies -- Jamna NHK Allevard Suspension, Mattel Toys and Walker Exhaust India -- have been cleared by the Foreign Investment Promotion Board.