This was among 35 proposals approved on Monday by the board, which amounted to a foreign direct investment inflow of Rs 100 crore, sources said.

Pursuant to the buy-out, Total has been directed to divest its 26 per cent holding in the company over the next five years. The joint venture is engaged in producing lubricating and greasing oils.

Besides, Carrier Refrigeration Pvt Ltd has been allowed to convert its joint venture in India into a wholly-owned subsidiary by purchasing the 12 per cent stake held by two overseas commercial bodies. The company will infuse Rs 8 crore to purchase the holdings of Taza Holdings Inc of the US and Global International of Mauritius. The venture manufactures commercial refrigeration products.

Hindustan Petrochemicals Ltd has been given approvalto increase activities through its joint-venture company with Total of France. A downstream company will be set up to manage other petroleum-related activities.

The board, however, deferred a decision on proposals by Swatch, IDG Books Worldwide, and Denso-Kirloskar.

The Germany-based Centre for Medical Innovation has been given the green signal to bring in Rs 14.25 crore to set up a wholly-owned subsidiary for producing plant-derived pharmaceutical products. The approval is subject to biotech and environmental conditions.

Macquarie Corporate Finance Ltd of Australia is setting up a 50-50 joint venture by infusing Rs 2 crore, while the Centre for American Education is bringing in Rs 11 lakh to pick up 50 per cent stake in a joint venture for providing in-house and corporate training.

In the software and electronics sector, Aarvee Information Systems is setting up a software-development unit under the Software Technology Park Scheme by bringing in Rs 20 crore. The project would be a joint venturebetween a US-based company and 11 Mauritius-based companies. The other proposals approved in the segment include BC Components of Netherlands and R Systems India Pvt Ltd.

Fremantle TV India Production Ltd has been allowed to buy out the 49 per cent holding of its Indian partner -- Purab Paschim India Pvt Ltd for Rs 1 crore. With this, the Indian venture will become a wholly-owned subsidiary of Fremantle.