The government has approved 23 foreign direct investment proposals including the Rs 460 crore (Rs 4.60 billion) plan of Shell Gas BV to set up a 100 per cent subsidiary in India to market transportation fuels.

Star News Broadcasting's proposal to invest up to 26 per cent in the equity share capital of Media Content and Communications Services by subscribing to a fresh issue of shares has also been permitted by the Foreign Investment Promotion Board.

Major investment proposals cleared by the Finance Minister Jaswant Singh pertain to chemicals and petro-chemicals, mines, petroleum and natural gas, information and broadcasting, and cash and carry wholesale trading.