The government on Thursday cleared 40 foreign direct investment proposals worth Rs 501.14 crore (Rs 5.01 billion), including Rs 323.42 crore (Rs 3.23 billion) investment by Swiss major Campagnie Michelin to forge a joint venture with Apollo Tyres.

Also, HSBC Asia Pacific's plan to acquire up to 40.07 per cent equity shares held by resident and non-resident shareholders in UTI Bank with over Rs 92 crore (Rs 920 million) investment was cleared by Finance Minister Jaswant Singh.

The over Rs 40 crore (Rs 400 million) investment by Singapore-based Del Monte Pacific in setting up a wholly-owned arm to manufacture, distribute and market processed foods and beverages like ketchups, sauces and condiments was also cleared, according to an official statement.

Mauritian company Emergent Genetics India has been permitted to invest Rs 9.144 crore (Rs 91.44 million) in enhancing foreign equity by acquiring share from residents as well as through share buyback. The company produces and markets hybrid and improved variety of seeds of cereals, fibres, legumes and vegetable crops.