New Delhi: Government on September 22 cleared 18 Foreign Direct Investment (FDI) proposals involving Rs 118.93 crore including Standard Chartered Private Equity's plan to pick up 14.35 per cent stake in NDTV for Rs 52.88 crore.

The FDI proposals, approved by Finance Minister Jaswant Singh following the recommendation from Foreign Investment Promotion Board, also include Shell International's plan to set up a wholly-owned subsidiary in India for Rs 14 crore.

Most of the FDI proposals pertain to chemicals, power, petrochem, IT and broadcasting, an official release said.

NDTV plans to offer 14.35 per cent stake to Mauritius-based Standard Chartered Private Equity for Rs 52.88 crore. The company operates in the area of production and broadcast of news, current affairs, entertainment and distribution of news content.

Shell plans to set up a 100 per cent subsidiary in India for production of bitumen and related products. The UK-based energy giant would invest Rs 14 crore for the new company.

GMR Group plans to set up a 200 MW power plant with foreign funding worth Rs 35 crore.

PTI