The proposals included the ones put in by Hitachi, General Electric and Rolls Royce, FIPB sources said.

US-based conglomerate, GE, has been allowed by the board to set up a 50:50 joint venture with Tata Consultancy Services to provide engineering services for the assessment of aircraft life and maintenance. GE would bring in a token $10,000 into the venture.

Rolls Royce has been permitted by the FIPB to set up a 100 per cent-owned subsidiary in the country for maintenance of gas turbines and diesel-based power systems. The company would be bringing in --1.5 lakh for the pupose.

The board has also given a green signal to Hitachi of Japan to hike its stake in Hitachi Koki India Pvt Ltd from 80 per cent to 92 per cent by picking up 30 lakh shares of Rs 10 each. As a result of this the Indian partner's stake would go down to 8 per cent inthe joint venture.

US-based FM Investments has been allowed to its hike stake in the Chennai-based venture Pizza Corner from existing 51 per cent to 96 per cent. FM Investments would be in an investment of Rs 16 crore for the pupose.

The proposals cleared on Monday included, Kevron Pty Ltd of Australia for setting a 100 per cent export oriented unit, WSIL Mineral Sands India Ltd. It will be an integrated facility for manufacturing synthetic rutile and titanium dioxide with a foreign equity holding of 72 per cent worth Rs 141 crore.

The ANZ group has been given the nod by the board to set up two companies in India. These two would be, a trustee company and an asset management company. ANZ would have 75 per cent stake in the operating company while the rest be held by Atul Choksey.

The board also gave a go ahead to Britannia Music for increasing its paid up capital from Rs 3.5 crore to Rs 21 crore. US Agriseeds has been allowed to set up a wholly-owned subsidiary for development of hybrid varieties offruit and vegetable seeds.

Further, UK-based Mody International has been permitted to enhance its equity from 40 per cent to 80 per cent in its existing joint venture.

The FIPB also cleared the proposal of Dialnet to provide voicemail and other value added services by infusing Rs 4.3 crore.

The board however deferred the proposals of JT Mobile and Modi Xerox.