This was part of the 24 proposals cleared by the board which amounted to a foreign direct investment inflow of Rs 607 crore, FIPB sources said.

The high-powered board also allowed Reuters News Agency to expand its services in India, though without infusion of fresh equity, and Teksid of Italy to purchase its partner's stake in the auto component manufacturing joint venture. Kodak India has also been given the green signal to infuse fresh equity and hike its stake from 74 per cent to 83.75 per cent.

Satyam Infoway has been allowed to float 4,175,000 shares of Rs 10 each as ADRs at a premium of Rs 490 each, which would not exceed an equity increase of 37.97 per cent. The company is engaged in the business of setting up publicdata network for electronic data interchange and Internet services.

The FIPB also allowed a US-based venture banking firm -- Warburg Pincus and Company -- to pick up an additional 20 per cent stake in Sunil Mittal-promoted Bharti Televentures for Rs 456 crore. The firm already owns 20 per cent stake in the Bharti group company.

Of this additional 20 per cent, 16 per cent will come from Bharti Enterprises' shareholding while the remaining 4 per cent from foreign partner Telecom Italia's shareholding. With this approval, Mittal's stake in the venture has been reduced from 80 per cent to 64 per cent.