New Delhi, May 16: Finance Minister P Chidambaram has approved 18 FDI totalling Rs 1,820.24 crore, including Manipal Educational Group's to induct foreign investment of Rs 1,435 crore in a holding company and US-based Freightcar to set up a joint venture for railcars.

Manipal, a major financial and industrial group in south India that runs university and many professional educational institutions in India and abroad, has got approval to induct foreign equity of Rs 1,435 crore in a holding company.

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 Limitless Developers and software giant Pepsi India was deferred by the FIPB, said the statement.

DLF Limitless Developers 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.

Vodafone Essar also got approval to convert operating company into an operating cum holding company to make downstream investment in a company engaged in telecom infrastructure business.

Meanwhile, the proposal of Sweden's Aktiebolaget Volvo has been recommended for the consideration of Cabinet Committee on Economic Affairs as the investment is over Rs 600 crore. PTI