BPL Cellular, which operates cellular services in Mumbai, Kerala, Tamil Nadu and Maharashtra, would be first private telecom operator to raise equity in the US market.

The proposal of B4U Multimedia International for generation and export of film software and electronic media, involving an infusion of Rs 500 crore was also approved, says a release. This includes a Rs 400-crore preference issue. The foreign holding in the company would go up to 96.6 per cent after the FDI infusion. The proposal of Applicomp (India) Ltd to pump in Rs 75 crore in their refrigerator and washing machine venture in the country was cleared. The foreign equity in the domestic venture will be 48.39 per cent.

Kotak Mahindra Private Equity Trustee Ltd, Mauritius, has got the nod to bring in Rs 45 crore as venture capital investment. The foreign holding in in Kotak Mahindra would be 85 per cent. The minister also cleared a proposal to amend the equity clause in Mangalore Power Co, from which US-based Cogentrix Power walked out earlier this year.

A proposal by German Westdeutsche Landesbank Girozentral to invest Rs 29.25 crore in its venture for export financing was also cleared. The German bank would hold 65 per cent stake in the venture. The Caparo group of UK has been permitted to set up a wholly-owned venture for manufacturing and designing of automotive and other parts with an investment of Rs 8 crore.

The government allowed Finolex Cables for withdrawal of its financial collaboration and enter into a technical agreement.

Other proposals cleared by the minister included amendment of foreign currency approval to Lubrizol India, GDF International and Sai Shipping Co. Pvt Ltd. He also cleared the proposal of consultancy firm KPMG to expand its activities in the country.