The FIPB has allowed Rohm and Haas to set up a joint venture with Bayer for agro-chemicals. Powergen of UK is infusing funds around Rs 250 crore. The infusion is being done through increasing equity from Rs 50 crore to Rs 300 crore.

With the go-ahead given to GE Capital Services to start credit card venture in the country in association with State Bank of India, industry ministry sources pointed out that this would be an approved activity for non-banking financial services sector.

GE Capital of US is setting up two joint ventures with SBI for providing credit cards as well as services for the issuance of these payment cards. This isthe first foreign direct investment clearance for credit cards approved by the FIPB. In the Rs 100-crore project, GE has a 60 per cent stake in the processing company, while SBI holds 60 per cent in the distribution company. Adidas is increasing its capitalisation from $3.2 million to nearly $5 million in its joint venture with Phoenix. Adidas holds 80 per cent in the joint venture company. The FIPB also approved a host of proposals for software EOUs. Sanyo Electric Company will invest Rs 19.5 crore for setting up a wholly-owned software development centre in Bangalore. The centre would be set up under the software technology park (STP) scheme. With this, the Japanese company intends to make India a base for software exports and expects to record an export turnover of Rs 69.82 crore or $18 million within five years.

The FIPB decided to defer a decision on the Daewoo Anchor Electronics (DAEL) proposal to increase equity. It was deferred as final comments from the department of electronics were awaited. Theproposal seeks to alter the debt-equity structure of the company's proposed refrigerator and the colour television (CTV) plants from 3.5:1 to 1.5:1. The restructuring was being done pursuant to the direction by financial institutions to the partners Daewoo and Anchor Electronics to bring in more equity into their venture following the crisis in the Korean economy.

Besides, six proposals by foreign firms to set up auto ancillary units were cleared. Lear Corporation, a leading US-based seat manufacturer, is setting up a company to manufacture seats for Fiat Uno and other cars in a joint venture with Vijaya Seats of Mumbai.

Sigma-Phoenix of Germany has also been granted approval for a Rs 4 crore joint venture to manufacture automotive shock absorbers. Bonfiglioli of Italy has been given the go-ahead to set up a joint venture for manufacturing car radiators. Chlegel Corporation of the US has been given the go-ahead for a joint venture to manufacture anti-vibration systems.