The government on Thursday cleared 24 foreign direct investment proposals worth Rs 190.93 crore (Rs 1,909.3 million), including the Rs 140 crore (Rs 1,400 million) investment by the Korean confectionary firm Lotte to acquire resident shares via a public issue.
Also, the Dubai-based Emmar Properties plans to bring in Rs 32 crore (Rs 320 million) to set up a company for development of integrated township in Hyderabad.
Finance Minister Jaswant Singh cleared the proposals, which had been recommended by the Foreign Investment Promotion Board in its meeting on February 25, according to an official statement in New Delhi.
The major investment proposals pertain to food processing industries, development of integrated township, software development and information technology services.
Among the other proposals cleared include GE Pacific's (Mauritius) plan to acquire shares of GE Plastics India from the existing resident and non-resident shareholders, but the FDI involved is negligible.
Liquor major IDV has been allowed cash and carry wholesale trading in alcoholic beverages; Amway Corporation's marketing permission has been extended; English venture JCB Excavators will convert JCB India into a holding company and set up a downstream venture.
Venture Tech of British Virgin Islands will acquire more equity in the Indian venture through fresh issue of shares by investing Rs 15 crore (Rs 150 million).