New Delhi, Sep 23 - The government has approved 13 foreign investment proposals worth Rs.393.62 crore, including Sterlite Technologies' plan to issue and allot warrants valued at Rs.103.95 crore on preferential basis, an official statement said Wednesday.

'Based on the recommendations of the Foreign Investment Promotion Board (FIPB) in its meeting held on September 11, government has approved 13 proposals of foreign direct investment amounting to Rs. 393.62 crore approximately,' the statement said.

Among these investment plans are TM International's Rs.40-crore proposal to issue shares against consideration other than cash, and Kludirak India's plan to set up a joint venture to enter the cash-and-carry trading segment.

The government deferred eight proposals, including UTV Software's plan to issue and allot equity shares.

ICICI Investment Management Company's proposal to invest in an Indian fund company through a foreign fund, and LGT Venture Philanthropy Foundation's request for relaxation of minimum capitalisation norms were rejected.