The board has also approved a proposal Fiat Auto SPA to set up a wholly owned subsidiary for technical and managerial training. The initial investment in the subsidiary will be Rs 200 million.

"Different Fiat group firms in India will get together for imparting training under the venture," industry ministry officials said. The site for the project has not yet been finalised, but is expected to come up at Pune, they said.

Tidco has been allowed to set up a $200-million hi-tech industrial park in the state. The park will be set up in joint venture with two US-based companies -- Infac & Associates and Axes Tech.

The venture will concentrate on electronic and telecom component industries, consumer durable products,information technology, bio-technology and precision engineering. The foreign collaborators have developed similar parks in Malaysia and Thailand.

Toyota Motor Corporation is setting up an industrial township. The board also cleared applications of Magnetti Marrelli, Boots-Nicholas Piramal pharmaceutical joint venture and Isvor Fiat India. The FIPB has also allowed IFC Washington to increase its holding in Global Trust Bank to about 32 per cent from the present 9 per cent. The board cleared the proposal pursuant to the Reserve Bank of India's nod on the application.

The proposal had been pending with the FIPB for a long time as there was confusion on the actual level of foreign equity following the convertible debenture issue. As per the application, IFC will hike its stake in Global Trust Bank to about 32 per cent, depending on the conversion rate of the debentures planned by the bank. IFC's 9.62 per cent holding in the Global Trust Bank amounts to Rs 104 crore of the latter's equity capital.

Accordingto the proposal, Global Trust will issue about 25 lakh convertible debentures to IFC. The debentures will be priced at Rs 60 each and be convertible after a period of four years.

The board has also given a go-ahead to Hardy Oil and Gas of Britain to hike its stake in Hindustan Oil & Gas Exploration Company Ltd from the present 31.5 per cent to 41.5 per cent. Hindustan Oil & Gas is a joint venture between Hardy Oil and Gas and Hindustan Petroleum.

The British company is hiking its equity by infusing an additional Rs 8 crore into the joint venture. Besides, Unocal of US has also been allowed to be inducted as a new partner into the venture. Further, the board has also granted approval to Siemens Power Engineering of Germany to set up a 100 per cent export oriented software development centre.

The centre will draw, design and plan setting up of power projects across the globe. The unit will come up in Gurgaon, Haryana and the entire exports will be made to the parent company in Germany.

The company hasset an export target of Rs 375 crore for the first five years.