New Delhi, Sep 3 - The government Thursday approved eight foreign investment proposals amounting to Rs.1.31 crore, while deferring decision on seven others and rejecting another.

Among the approved proposals, only two have fresh investment inflows: Rs.1.28 crore by telecom equipment manufacturer Tecnotree Convergence, and Rs.300,000 by power equipment maker Powermax Communications, according to data released by the Foreign Investment Promotion Board (FIPB).

The government also put on hold the investment proposals of seven companies, including ByCell Telecommunication, about which the home ministry has raised security concerns.

ByCell, founded by a group of Russian businessmen, was to hold 74 percent in an Indian telecom company set up in partnership with Hyderabad-based Jayalakshmi Group.