New Delhi: The government has approved 17 foreign direct investment (FDI) proposals amounting to US$ 250.56 million. Among those projects approved were FDI applications for steel maker ArcelorMittal and iron pipe maker Electrosteel Castings. ArcelorMittal which had proposed to bring in US$ 108.85 million FDI, plans to employ the foreign equity in a company engaged in manufacturing cold-rolled semi-finished iron and steel products.

Meanwhile, Kolkata-based Electrosteel Castings plans to issue and allot securities to raise FDI worth US$ 129.77 million.

Two other proposals have been referred to the Cabinet Committee on Economic Affairs (CCEA) since the value of these proposals exceed US$ 129.1 million – these include a proposal from Jet Airways to bring in US$ 432.57 million FDI and another proposal from Mauritius-based fund Indium IV to bring in US$ 540.68 million in FDI.