AC Motor Power

The first equation, P = √3 V I cosφ η, is correct. [I have taken liberties in editing.]

The second should read: I = P/(√3 V cosφ η). [The former "i" on the right was incorrect.]

1) Full load current (FLC or FLA) is used as a default value for sizing wires, circuit breakers, motor overload protection, and fuses. Once the motor is in service, it may actually run at other values of current. For power metering, load analysis, etc., you would then want to measure rms current.

2) Rated power is what the motor can produce, and is based on FLC or FLA from the nameplate.
Average power is what the motor actually produces, and is based on rms current, which may fluctuate with varying load. This is what the power meter measures.

[I wanted to italicize "actually" in the last sentence, but for some strange reason, after a few lines into a post, the ability to select and format text seems to vanish. Does anyone know why?]

Sorry it was my mistake of writing current eqn as given actually i meant the current eqn as you have given.

Now from the above conditions i get the current as 105A, will this be rms or full load value, and does the full load current means Irms*1.414?

please correct me

The figure will be the full load current Irms. Leave the √2 out of it.