These were among 49 foreign investment proposals worth about Rs 236 crore cleared by the board on Monday, FIPB sources said.

Other proposals cleared by the board included one by Nhava Sheva International Container Terminal Ltd at New Mumbai to issue non-convertible redeemable preference shares worth $30 million (Rs 130 crore) to its promoter P&O of Australia.

The board allowed Ab Moller buy out the entire stake held by Thapar Group company, Ballarpur Industries and OCB Ltd of Bermuda in Maersk India for Rs 16.5 crore.

OCB held 60 per cent stake, while Ab Moller and Ballarpur Industries had 20 per cent equity in Maersk.

A proposal by Russian Space Agency to start Internet services in India with Orbitel Communications also was given the go-ahead by the high-powered board.

TheRussian space organisation would invest Rs 7.35 crore to pick up 45 per cent in the joint venture.

FIPB also removed export obligation in Honda Motor Company's wholly-owned two-wheeler venture in the country. The board had last month allowed the Japanese automaker to invest Rs 183 crore to set up a subsidiary in India.

FIPB also cleared a proposal of Russian Space Agency to enter Internet services in India along with Orbitel Communications Ltd, the sources said.

P&O, which holds 97 per cent stake in Nhava Sheva International Container Ltd, would be issued non-convertible redeemable preference shares worth 30 million shares.

The paid-up capital of Nhava Sheva container is about Rs 291 crore at present.

A proposal by Wipro to start Internet-based services with KPN Telecom of the Netherlands also got the go-ahead from the board. The Dutch company would hold 45 per cent stake in the new company Wipronet by investing Rs 1 crore.

It also cleared a proposal by Getraj Hi-Tech gears of the US to set upmanufacturing facility for timing gears in the country. The US firm would hold 50 per cent stake investing Rs 5.25 crore in the venture.

Inglewood Holdings Ltd of Mauritius was allowed to set up a 100 per cent owned venture for exploration of precious metals in the country.

Inglewood would bring in foreign investment of Rs 5 crore into the venture, the sources said.

Among other foreign investment proposals cleared by the board were two wholly-owned consultancy firms of Regional Asia Investment Ventures Pte Ltd, Mauritius and Portlet Capital Ltd, UK and one by Turbosider Italiana to set up wholly-owned subsidiary to manufacture steel items in the country.

The Italian company would invest about Rs 9 crore in the venture, the sources said.