The FIPB cleared a proposal by Essar Shipping to bring in $50 million through foreign convertible currency bonds (FCCB) to be arranged by the Union Bank of Switzerland. The FCCB is to fund the Rs 1,435 crore all-weather port and terminal facility at Vadinad in Gujarat for crude and petroleum, oil and lubricants (POL) imports. The Board also allowed TDF Mauritius to bring in Rs 89.7 crore to acquire 72 per cent stake in Whirlpool Apple Consumer Credit Private Limited, a non-banking finance company (NBFC) registered with the Reserve Bank. The foreign company will acquire 65 per cent of the NBFC's existing shares while another 7 per cent would be through issue of fresh equity.

Enron India Private Ltd, the holding company for the US firm's downstream investments in power and LNG, has been allowed to increase its paid-up capital from $100million to $114 million. The US-based company will bring the money through its Mauritius subsidiary Enron MHC India Development Ltd. The FIPB also approved a $ 10 million proposal of Sonoco Asia of Singapore to set up an industrial and consumer packaging facility in the country. United Dominion Holding of US has been allowed to set up a wholly-owned facility for manufacture of cooling towers. The foreign direct investment involved is Rs 1 crore.

The FIPB rejected two proposals by ED&F Mann, Netherlands, and Growthbest Feeds Corporation to branch their existing operations into domestic trading. Both companies are involved in international trade. Another proposal by Litz Tooling System was also rejected since it only involved trading and no manufacturing base, sources said. It cleared five proposals in electronics amounting to Rs 38 crore including Computer Enterprises and Electronic Professional Assessment and Training Systems.

It deferred a decision on an application by De Beers on the advise of theministry of mines.