The board cleared the proposal of Templeton Asset Management India Pvt Ltd to issue redeemable non-cumulative preference shares to the tune of Rs 11 crore, industry ministry sources said. It approved the proposal of SHV Energy India Ltd to buy out the stake of its Indian partner IMS Ship Management Ltd in Petrogas Ltd. SHV Energy, the holding company, would bring Rs 22 crore to increase its stake from present 49 per cent to 100 per cent in the venture for LPG terminals. The approval to buyout Petrogas is subject to the condition that SHV Energy would divest 26 per cent equity in five years time, the sources said.

The board also allowed Siemens Singapore to increase its stake in Siemens Semiconductors Ltd from 70 per cent to 100 per cent by bringing in Rs 37.5 lakh. Among otherproposals recommended by FIPB were those of Adani Wilmar, Indo Global Spices, Heinen and Hopman and Moonlight Bay Resorts. The board, however, deferred a proposal by JT Mobiles for amendment in its venture.