Agrani Satellite Services Ltd (ASSL), promoted by Mr Subhash Chandra, has received clearances from both the Commerce Ministry and FIPB for the two proposals totalling $20 million. 

French satellite major Alcatel will take 9.5 per cent stake for $15 million (about Rs 72 crore), while European launch services major Arianespace will acquire 3.25 per cent for $5 million (about Rs 24 crore) in the Rs 1,150-crore ASSL. 

`We have received the approval granted to ASSL,'' a spokesperson for ASC Enterprises Ltd (ASCEL) confirmed. 

Meanwhile, another global satellite major has given ASSL an LoI for picking up at least 26 per cent stake in the project. 

The venture has already received clearance for 74 per cent foreign equity, the maximum permissible under the Satcom policy. 

The 2-tonne satellite is expected to be delivered in orbit by Alcatel in the third quarter of 2003, 18 months after the financial closure due this year-end. It is slated to become commercially operational by the fourth quarter of 2003, the spokesperson said. 

To be launched by Arianespace, it will have 24 transponders in the C and 14 in the Ku bands and a life of 14 years. 

The submissions to FIPB were made on October 3 after CCEA and the Ministry cleared the investment proposals in September. 

The high-power satellite will cater to applications like TV broadcasting, DTH, remote area communications, telecom, private and public VSAT networks, and domestic and international Internet backbone.