The government on Tuesday cleared 34 foreign direct investment proposals worth Rs 617.28 crore (Rs 6,172.8 million), including Zee Telefilm's plans to issue Rs 480 crore (Rs 4,800 million) foreign currency convertible bonds to two foreign companies.

In line with the recommendation of the Foreign Investment Promotion Board, Finance Minister Jaswant Singh approved the proposal of Citicorp International Finance to hike its stake in Monnet Ispat from 5.4 per cent to 19.56 per cent for Rs 35.27 crore (Rs 352.7 million).

The ministry also permitted Pearson Overseas Holdings of the United Kingdom to pick up 13.85 per cent stake in leading newspaper Business Standard for Rs 8.37 crore (Rs 83.7 million).

Most of the proposals that came up for clearance from finance ministry pertains to IT and broadcasting, petroleum, steel, urban employment and poverty alleviation.

Entertainment major Zee Telefilms plans to issue FCCBs worth Rs 480 crore to Virgin Island-based Delgrada Ltd and Wakefield Holdings of Mauritius, for which it had sought clearance from the government.

German company RI Metering GmbH has been allowed to invest Rs 40.80 crore (Rs 408 million) in its Indian arm Elster Metering.

Mauritius-based Tiara Investment has received the go-ahead for hiking its stake from 32.5 per cent to 59 per cent in DCM Estates and Infrastructure Ltd.

Covanta Energy of Mauritius plans to enhance its equity in its Indian arm Great eastern Energy Corporation from 50 to 100 per cent with an investment of Rs 20 crore (Rs 200 million).

Lafarge Refractories of France and Clipsal Investment Pte of Mauritius have received government approval for conversion of external commercial borrowing of their Indian arms into equity.