The government on Monday approved 28 foreign direct investment proposals worth about Rs 530 crore (Rs 5,300 million), including the Rs 456 crore (Rs 4560 million) proposal of strategic investors and foreign financial institutions to hike stake in Gujarat Pipavav Port to 100 per cent.

At present, these investors hold minority 49 per cent stake in the port project, which operates from Amreli in Gujarat.

The United States-based Sprint Corporation's Rs 9.60 crore (Rs 96 million) investment in taking foreign equity participation to 100 per cent in the Indian arm was also approved.

Interl Pacific of USA will bring in Rs 8.83 crore (Rs 88.3 million) to hike stake in Accel ICIM Systems and Services to majority 57 per cent for providing IT solutions.

Finance Minister Jaswant Singh approved these proposals, which had been recommended by the Foreign Investment Promotion Board at its meeting on March 5.

The major investment proposals pertain to manufacturing holographic film tapes and other products, wholesale trading on cash and carry basis, non-banking financial company, software development, IT solutions, Internet services and other telecom related products and services.