The board also approved the proposal of ABB Holding (South Asia) to acquire the entire 49 per cent stake in German subsidiary CG Elsag Bailey Ltd for Rs 100 crore. ABB has also been permitted to issue 6,90,000 participative cumulative preference shares for Rs 100 each to its parent company Asea Brown Boveri (Zurich).

Dominos's Pizza India Ltd was also allowed to hike its foreign equity to 32.1 per cent from 25.1 per cent by infusing Rs 12 crore, said sources in the industry ministry.

The board approved 46 proposals involving FDI inflow of Rs 204 crore, including 10 cases in the software sector with an investment of Rs 5 crore. American Express will pick up 35 per cent stake in the new venture -- a non-banking finance company-- at an investment of $ 1.5 million while Tata Finance will hold the balance 65 per cent. The investment in Dominos would be made through India Private Equity Fund (Mauritius) taking the total foreign equity in the company to Rs 38.5 crore. Vam Organics of the Bhartiya group has majority stake in the company in which Indocean Pizza Holding also has a stake.

The proposal of Float Glass to issue convertible redeemable preference shares to Asahi Glass Company of Japan involving a foreign investment of Rs 19 crore was also approved by the board.

The board permitted Interoll Management Services of The Netherlands to float a 100 per cent subsidiary by bringing in Rs 7.5 crore. The company will provide O&M services to Noida Toll Bridge. The board also approved Shriram Honda Power Equipment Ltd's proposal with no change in the existing structure.

Proposals by IIS Software System, Sharp Software Development India Ltd, Dina Informed Systems Limited, Deneb Hitech India Limited were among 10 cases approved by theboard in the software sector.

Munich Reinsurance Co's proposal to pick up 33.33 per cent stake involving an investment of Rs 8.5 crore in its health services venture was also given the go-ahead by the board.