The FIPB has allowed Banque Nationale de Paris (BNP) of France to set up a non-banking finance company. The approval was given pursuant to the department of economic affairs and Reserve Bank of India giving their final consent to the proposal.

The largest proposal approved was from a Swiss company, Stribes Arcolab, for hiking its stake from 68 per cent to 74 per cent by infusing Rs 70 crore. The proposal of BPL Cellular Holdings to hike the equity of its foreign partner from 40 per cent to 44 per cent by infusing foreign direct investment (FDI) worth Rs 3 crore has also been given the green signal.

Japanese auto major Toyota Motor Corporation's (TMC) component manufacturing arm, Toyoda Iron Works, has been given the nod to invest Rs 1.4 crore for designing, developing and manufacturing components for TMC's joint venture in India. The unit would be set up as a joint venture with the Stanzen group and would be located at the Toyota Industrial Park in Bangalore which was cleared last week. Toyoda would control 82.5 per cent stake in the joint venture company while the Indian company would hold the balance 17.5 per cent.

The FIPB cleared ABN Amro's proposal to manufacture large- and medium-sized multi-modal fleets by setting up a 100 per cent subsidiary in the country. The foreign equity would be to the tune of Rs 1.5 crore.

Meanwhile, the board deferred a decision on Canon and Sunrider International.Otto Burlington has also been allowed to bring in Rs 14 crore. Electronic Hi-tech Computers has been permitted to inject Rs 28 crore worth of FDI. In the software sector, nine foreign investment proposals were cleared including the application by Baan IT Park for providing infrastructure to software developing companies. The project will cost Rs 44 crore. The company, to be based in Bangalore, would be a wholly-owned subsidiary.Sanmarco Texmech has been granted approval to set up a textile machinery unit at a cost of Rs 13 crore. Woodpack has been given the go-ahead to produce paperboards and boxes at a cost of Rs 16.2 crore.

Alfa Laval has been allowed to alter its equity structure. The promoters would be increasing the equity amount by bringing in Rs 7 crore.