Chandra, Nihan Holding Hong Kong and Dallah Albraka of Bahrain, the promoters of Zee Multimedia Worldwide, will be allotted fresh equity shares of Zee Telefilms after the merger. The swap ratio has been fixed at 1.33 share of ZTL for one share of Zee Multimedia.

This would entail a fresh equity infusion of Rs 26 crore. The deal also permits the company to undertake some out-bound investments.

The Foreign Investment Promotion Board (FIPB), which met on Monday, also permitted ICICI to issue American depository receipts (ADRs) and global depository receipts (GDRs) worth $500 million while allowing Mahindra & Mahindra to sell off its entire 23.88 per cent equity holding in its joint venture company with Otis Elevator of the US for Rs 122crore.

These formed part of the 45 proposals cleared by the board on Monday amounting to a total foreign direct investment inflow of Rs 3,150 crore, the highest in the 1999 calender year, FIPB sources said here.

ICICI, the sources said, have not specified a time frame for the issue but has stated that it would be a mix of ADRs and GDRs.

Meanwhile, Sumitomo Chemical Company Ltd of Japan has been given the nod to set up two wholly-owned subsidiaries in India with a collective infusion of Rs 17.5 crore. The first company would be engaged in the business of manufacturing vital ingredients for household insecticides while the second subsidiary would market these products. Gujarat and Maharashtra have been identified as the sites for the ventures.

The South Korea-based Daewoo Motor Company has been permitted to infuse 100 million dollars into its Indian subsidiary--Daewoo Motor India--and hike its stake in the venture from 92 per cent at present to 96 per cent.

Another auto giant Hindustan Motors haswithdrawn its proposal to divest 10 per cent stake in favour of Mitsubishi Motor company of Japan. Mitsubishi is the technological collaborator of Hindustan Motors (HM) for producing the lancer luxury sedans.

Engineering giant ABB has been allowed to set up a 50-50 joint venture company with National Thermal Power Corporation (NTPC) for undertaking and executing projects.

The board, however, deferred decisions on proposals by Pfizer and Bayer Industries.

Global cosmetic major Estee Lauder has been given the go ahead for setting up a wholly-owned subsidiary here with the infusion of Rs 2.25 crore for providing logistics and managerial support to its Indian distributors.

The board allowed the promoters of Satyam Infoway to hike their stake in the venture from 37.3 per cent to 39.2 per cent by bringing in additional investment of Rs 48 crore. Besides, a new company--Sterling Communications International Inc--is being inducted as a partner in the venture.

Sumitomo Electric Industries has been allowed tobring in Rs 1.55 crore to set up a joint venture in India for producing electrical items. Sumitomo would have the 51 per cent controlling stake in the venture.

Franco marketing company has been allowed to set up a 50-50 joint venture with an Italian firm for marketing electric chimneys being produced from its existing venture in India.

The board also permitted Kellog and Perfetti to introduce new products from their respective existing ventures in India.

Dr Mohan Swami Datuk has been allowed to set up a 100 per cent subsidiary with the infusion of Rs 72 crore for real estate development.