The Centre Friday approved 22 foreign direct investment (FDI) proposals amounting to Rs.586.137 crore ($112.5 million).

The proposals were cleared following recommendations of the Foreign Investment Promotion Board (FIPB) at its meeting March 30, 2012, the finance ministry said in a statement.

FDI is considered stable in comparison to foreign institutional investor (FII) funds, which are called "hot money".

The government cleared Shantha Biotechnics' proposal of Rs.514 crore to increase its foreign equity in brownfield pharmaceutical sector to carry out the activities of research, development, manufacturing and marketing of bio-tech products and other bio-generics.

It also cleared Mahindra and Mahindra's Rs.25.99 crore proposal for setting up a joint venture (JV) company to develop, manufacture and provide service support for radar systems and various kinds of defence electronic systems.

The government also allowed Springer Editorial Services' Rs.12.87 crore proposal to increase foreign equity up to 100 percent for publishing services, content, development, content management and content outsourcing among others.

The ministry, however, deferred 18 proposals, including those of Tara Aerospace Systems, Al Shukur Company for Engineering and Construction and Ordain Health Care Global.

It rejected five proposals, including those of Verga Attachments, Quest Global Manufacturing and YourNest Angel Fund Trust.

A proposal of Nikit Investments has been withdrawn from the agenda.