New Delhi: : Finance minister P Chidambaram has approved 18 FDIs totalling Rs 1,820 crore, including Manipal Educational Group’s to induct investment of Rs 1,435 crore in a holding company and US-based Freightcar to set up a joint venture for railcars.

The finance minister gave approval to these proposals on the recommendation of Foreign Investment Promotion Board (FIPB), which met on May 9, said a Finance Ministry statement. Freightcar America Inc has proposed to set up a joint venture with an investment of Rs 78 crore to undertake test marketing of aluminum railcars besides other activities. However, the proposals of the realty firm DLF and soft drink giant Pepsi India was deferred by the FIPB, said the statement. DLF had sought approval to issue shares in lieu of pre-incorporation expenses, while Pepsi India wanted the government to waive off the divestment condition which required it to offer a part of equity stake to Indian shareholders.

Aktiebolaget Volvo’s proposal has been recommended for CCEA’s consideration as the investment is over Rs 600 crore.