At its meeting today, the board cleared a $ 1.4 billion project by Tractabel Energy South Asia to set up LNG storage infrastructure and terminal facility at Kakinada in Andhra Pradesh.The foreign promoters Tractabel of Belgium and BHP Petroleum of Australia would hold 74 per cent in the project, which involve total FDI of Rs 1,850 crore, FIPB sources said.

The board also cleared four media proposals - TV-18, Discovery Communications, South Asia Software Exports and Millitoon Animation - subject to Information and Broadcasting ministry approval, sources said. The TV-18 proposal envisages hiking of foreign equity by US-based AIA Capital Investments and Communication Equity Associates from 20 per cent to 41.3 per cent at a total cost of Rs 1.3 crore. Non-resident Indians have an equity stakeof 19.5 per cent in the Delhi-based television software company.

Discovery Communications, which owns the Discovery Channel, has been allowed by FIPB to increase its activity in the country. Among the other two media applications cleared, South Asia Entertainment proposal involves a foreign investment of Rs 54 crore, while Millitoon envisages a FDI of Rs 4 lakh.

The board also cleared a joint venture proposal of Balmer Lawrie and Middle East-based Bakrie to set up LNG storage and terminal facilities in the country. Balmer Lawrie will hold 70 per cent stake in the proposal, involving a FDI of Rs 14.5 crore, FIPB sources said. Another proposal by Synco Chemicals of US to manufacture synthetic lubricants in the country was also cleared at today's meeting. Synco will have a 35 per cent stake in the venture, the sources said. Fresenius Maftlal Medicals has been allowed bring an additional foreign equity of Rs 43 crore in the existing joint venture. A proposal by Prestrop of the Netherlands to set upmanufacturing and distribution of chemicals has also been cleared. The Prestrop proposal involves a FDI of Rs 40 crore.

International Rectifier's proposal to set up office to source the company's global software requirements from India was among the four software proposals cleared today. The company which specialises in power and electrical designing would bring in foreign investment to the tune of Rs 6.5 crore, the sources said. In the automotive sector, the FIPB cleared the proposal of Concentric Pumps to set up an wholly-owned subsidiary to manufacture components and pumps in the country.

The project envisaging a foreign investment of Rs 4.5 crore would manufacture specialty pumps, which were being imported so far, the sources said.