The government, on the recommendation of the Foreign Investment Promotion Board, however, deferred 14 proposals including that of Vijay Mallya-run United Breweries to raise Rs 708 crore (Rs 7.08 billion) through issuing convertible warrants.
A proposal by venture fund India Rizing Fund to reconsider its application to set up a fund for the Indian defence sector in the light of new norms for FDI calculation was also deferred.
As many as seven proposals, including those of three telecom majors Bharti Telemedia, Tata Teleservices and NTT Docomo, were rejected by the government.
A proposal by Germany-based BASF SE to make an open offer for acquiring a 20 per cent stake in chemcial manufacturer Ciba India may bring in Rs 63 crore (Rs 630 million).
The acquisition follows global acquisition of Ciba Holding AG by BASF. Through the Indian acquisition, the German company will manufacture and trade in speciality chemicals.
The Ciba India share was down 0.94 per cent to close at Rs 210 on the Bombay Stock Exchange on Wednesday.
