The FIPB also cleared the proposals of the Kalyani group to set up a 200-mw cogeneration unit with Tenaska International Energy and Xerox Corporation to set up a holding company in the country. The Kalyani proposal, envisaging an investment of Rs 330 crore by Tenaska, accounted for three-fourth of the total Rs 450 crore foreign direct investment (FDI) approved by the board.

Kalyani Coke's proposal is to set up a production facility formetallurgical 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 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 India, particularly in the companies in areas of high technology multiplication and reproduction equipment, systems and services including document management systems.

It also cleared six software proposals including that of IBM, and by Cisco Systems to set up a wholly-owned subsidiary with an investment of Rs 8.4 crore. FIPB also allowed US computer giant IBM Global Services to pick up five per cent non-controlling stake in Information Technical Services.

It is understood that IBM will pay a premium of Rs 1790 per share for picking up 5000 shares in Information Technical Services at a total cost of Rs 90 lakh. Anotherproposal by NOIDA toll bridge to allow South African Inter-toll to pick up around eight 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 Japanese consortium of Mitsui and Marubeni Corp after global competitive bidding. The board had earlier cleared Rs 25 crore foreign equity in the project by Asian Infrastructure Mezannine Capital Fund of Singapore.

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 to take up water supply and waste treatment projects in arrangement with government authorities. The company plans to enter into operation and maintenance arrangements with municipalcorporations, state water supply and sewerage/drainage boards.

Among other proposals cleared was infusion of Rs 20 crore equity by Opus Healthcare Education and Research Foundation in East Coast Hospitals in Pondicherry. Mohan Guruswamy while inaugurating Federation of AP Chambers of Commerce said projects worth Rs 84000 crore were in the pipeline pending clearance and held political leadership responsible for the inordinate delay of the project.