The board cleared 35-odd proposals worth Rs 500 crore of foreign direct investment. Other proposals including Tudor Batteries and Boots Company Plc were also approved by the board.

IL&FS, along with the Singapore-based Asian Infrastructure Mezannine Capital Fund, has floated a new company -- Noida Toll Bridge Company Ltd -- for carrying out the Rs 630-crore project for constructing and operating an eight-lane bridge. All permissions for the eight-lane bridge, to be built over the river Yamuna to connect Noida with Delhi, have already been given and the competitive bidding awarded to the Mitsui-Marubeni consortium. The bridge would be constructed on a build-own-operate and transfer (BOOT) basis.

As per the application filed with the FIPB, a toll of Rs 10 percar and Rs 30 per bus would be charged for using the bridge. New electronic devises would be put up on the bridge for collection purposes in addition to the manual receipts. The consortium expects to raise $5 million as external commercial borrowings for the project and plans to infuse another $5 million as equity. Financial closure for the project would be achieved by October 15.

Alcatel France and Skysat Holding of Singapore, promoted by Moses Manoharan, have been given the nod to float a joint venture with Hindustan Technologies for launching a satellite in India. The foreign partners would be infusing Rs 176 crore to pick up a 49 per cent stake in the venture along with non-resident Indians (NRIs).

The total cost of the project is Rs 1,100 crore with a paid-up capital of Rs 360 crore. The project size being over Rs 600 crore, the application would be referred to the Cabinet Committee on Foreign Investment for a final appr-oval.

Besides, Bina Power has been given the nod to hike its equity to Rs173.5 crore.

The FIPB has also allowed Boots Company Plc of Britain to seek fresh royalty for new products which it intends to introduce here.

Punwire's proposal for radio paging services with an investment of Rs 64.5 lakh was also given the go-ahead.

Mitsui Corporation of Japan and Century Direct Fund of Mauritius have been allowed to hike their combined equity in United Studios to 38 per cent from the present 4 per cent.

Both the companies would invest a total of Rs 4 crore to increase equity holding in the venture engaged in audio visual software production.

Besides, Otto Burlington's proposal was also given the nod while that of Zen Communications was deferred.

The investment promotion board also allowed Maersk Medicals to hike its equity in TTK Maersk Medicals by infusing Rs 3.35 crore and CMP Batteries to increase its stake in Tudor Batteries from the existing 51 per cent to 74 per cent by investing Rs 3.8 crore.