New Delhi: Government on September 1 approved 17 foreign direct investment (FDI) proposals totalling Rs 588.54 crore including that of CDC-PTL Holdings' plans to acquire shares worth Rs 452 crore of Punjab Tractors.

Most of the FDI proposals, cleared by Finance Minister Jaswant Singh, pertain to companies in the pharma, tractors and auto sectors.

The proposal by CDC and PTL Holdings for acquiring a significant stake in Punjab Tractors was cleared by Singh following recommendation of the Foreign Investment Promotion Board, an official release said.

New Bridge Asia's plans to transfer shares worth Rs 126.95 crore of resident to NRIs in Lupin Ltd was also cleared by the government.

PTI