The Centre, on Wednesday, approved as many as 34 foreign investment proposals envisaging Foreign Direct Investment (FDI) worth over Rs 2,288 crore in wide range of economic activities including telecom and entertainment industry.

The proposals were cleared by Finance Minister P Chidambaram on recommendations made by Foreign Investment Promotion Board (FIPB).

The proposals cleared are:

US-based Acumen Fund proposal to bring in FDI worth over Rs 55 crore to acquire equity up to 36.37 per cent in a company engaged in trading of items sourced from Small Scale Sector. Chennai-based  Vijay Television plans to induct FDI worth Rs 34 crore to undertake activities of up-lining of non-news and current affairs television channels.

IL & FS Trust Company to accept contributions worth Rs 290 crore from offshore fund into the Trust and make investment in existing securities. UTV Software Communications for issual of Foreign Currency Convertible Bonds (FCCBs) worth Rs 400 crore.

Global Assets Holding Corporation Private Limited was allowed to bring FDI worth Rs 580 crore to make downstream investment in telecom sector.  Cyprus-based Lakecrest Limited plans to bring FDI worth Rs 400 crore for conversion of operating company into operating-cum-holding company to undertake downstream investment.
German-based Daimler AG to set up a joint venture company with foreign equity of up to 60 per cent to undertake designing, manufacturing and selling of commercial vehicles was deferred.