The Kalyani proposal, which envisages an investment of Rs 330 crore by Tenaska, accounted for three-fourths of the total Rs 450 crore foreign direct investment (FDI) approved by the board.

The Kalyani group proposes to set up a production facility for metallurgical coke and cogeneration at Ramnagar in Karnataka using imported coal from Australia.

Tenaska, which is incorporated in Mauritius, will hold 65 per cent in the venture, while the remaining 35 per cent would be picked up by the Kalyani group.

The Xerox subsidiary would have an equity base of Rs 21 crore. The subsidiary would act as the investment company for Xerox's investments in the country, particularly in companies in areas of high technology multiplication and reproductionequipment, systems and services including document management systems.

It also cleared six software proposals including that of IBM and another by Cisco Systems to set up a wholly owned subsidiary with an investment of Rs 8.4 crore.

The FIPB also allowed US computer giant IBM Global Services to pick up 5 per cent non-controlling stake in Information Technical Services. It is understood that IBM will pay a premium of Rs 1,790 per share for picking up 5,000 shares in Information Technical Services at a total cost of Rs 90 lakh.

Another proposal by the Noida toll bridge to allow South African Inter-toll to pick up around 8 per cent stake in the Rs 630-crore bridge between Noida in Uttar Pradesh to Delhi was also cleared.

Inter-toll would pick up the stake by subscribing to convertible debentures at a total cost of $2.5 million. The project, to be constructed on a build-own-operate-transfer (BOOT) basis, has already been awarded to the Japanese consortium of Mitsui and Marubeni Corp after globalcompetitive bidding.

The FIPB has also allowed General Utilities Plc to set up facilities and invest Rs 14 crore in the first three years for recycling of waste and water management. Generale Des Eaux (India) Ltd, the proposed subsidiary, will take up water supply and waste treatment projects in arrangement with government authorities. The company plans to enter into operation and maintenance arrangements with municipal corporations, state water supply and sewerage/drainage boards.

Another proposal cleared was the infusion of Rs 20-crore equity by Opus Healthcare Education and Research Foundation into East Coast Hospitals in Pondicherry.