The government, on recommendation of the Foreign Investment Promotion Board (FIPB), has approved two Foreign Direct Investment (FDI) proposals worth Rs 97.85 crore.

Of the two, a proposal worth Rs 95 crore, of Acebright Pharma, a foreign-owned Indian pharmaceutical company, has received approval for additional investment by way of fresh issue and transfer. The government also approved a proposal worth Rs 2.85 crore by Ireland-based Aerrianta International CPT to set up an equal joint venture company to run duty-free shops at the Mumbai airport.

Along with this, the government has deferred the proposal of Jaipur-based AU Housing Finance to increase direct and indirect foreign investment upto 95 per cent, without meeting the minimum capitalisation norm of $50 million.

Meanwhile, Manipal Technologies' proposal, worth Rs 154.04 crore, for investing in a subsidiary, has been kept in abeyance.