Finance Minister Jaswant Singh has cleared 38 foreign direct investment proposals worth Rs 121.46 crore (Rs 1,214.6 million), including those of the United States-based Nalco Chemicals and French company FCI.

Most of the FDI proposals that have been cleared on the recommendation of the Foreign Investment Promotion Board pertain to chemicals, petro-chemicals, telecom and information technology.

FCI France intends to invest Rs 30.04 crore (Rs 300.4 million) in its Indian arm FCI OEN Connectors, engaged in the manufacture and sale of electronic connectors.

Nalco Chemicals plans to acquire shares from domestic shareholders for Rs 28.80 crore (Rs 288 million) to hike its stake in its Indian arm.

Dutch company Perstorp Speciality Chemicals intends to invest Rs 14.65 crore (Rs 146.5 million) for hiking its stake in its Indian arm Perstorp Aegi Chemicals from 74 to 100 per cent.

South African company Foskor plans to acquire shares of Godavari Fertilisers & Chemicals from Coromondel Fertilisers for Rs 19.84 crore (Rs 198.4 million).

Bloomberg LP of Germany has also obtained permission for change in the activity clause for its Indian operations.

The government has also permitted LG Electronics to transfer shares from resident to non-resident shareholders.