New Delhi, Dec 29 :     The Foreign Investment Promotion Board (FIPB) has cleared a proposal from Swedish white goods giant, AB Electrolux, for picking up the remaining 26 per cent in its joint venture with Voltas and has also allowed Whirlpool India to defer the payment of royalty by another three years. Industry ministry sources said Electrolux had sought permission to acquire 2.47 crore equity shares of Rs 10 each, which represents 26 per cent of the paid-up share capital from Voltas Ltd. This will increase its equity in Electrolux Voltas Ltd from 74 per cent to 100 per cent. Electrolux had entered into a 74:26 joint venture with the Tata company last year and also bought the Allwyn brand along with its white goods manufacturing facilities. With this clearance, Electrolux will have a fully-owned subsidiary in the country. It also has the right to use the Voltas brand name for a period of four years. The Swedish multinational had made two previous attempts to get an approval for setting up a separate 100 per cent subsidiary in the country, but these were rejected by the FIPB. Electrolux has also sought permission to subscribe up to 50 lakh or 10 per cent cumulative preference shares of Rs 100 each. Voltas, which has just one non-executive director on the board of Electrolux Voltas, had already announced its intention to hand over complete management control to the Swedish company. Voltas? managing director, N.D. Kharody had earlier stated that the Tata company was in favour of getting out of the joint venture. He said that Electrolux would have to make an offer to buy up their stake. With the complete divestment of its white goods division, Voltas would be in a position to focus on air conditioning, contract manufacturing and engineering services along with chemical trading, which, the company expects would be the main drivers for profitability. The FIPB meeting on Monday also cleared a proposal of Whirlpool India to defer the payment of royalty fee to its parent, Whirlpool Corporation. The company was to pay 5 per cent of internal sales and 8 per cent on revenues from exports to the parent from next year. However, the Indian subsidiary has decided to postpone this by another three years. ?We felt that we would be in a position to pay royalty after three years, for we will then surely be making enough profits to start wiping out our accumulated losses,? the company spokesperson said. The board also cleared a proposal of Dutch banking major ABN Amro to set up another subsidiary in the country. It is being set up through the Dutch major?s non-banking finance arm ABN Amro Asia Corporate to provide liaison and marketing services to corporates, mainly to foreign companies interested in doing business in the country.