New Delhi, Mar 22 (IANS): The government Friday said it has approved 12 proposals of foreign direct investment (FDI) amounting to Rs.2,609.27 crore.

The highest amount of overseas fund inflow is related to an Ahmedabad-based pharmaceutical firm Claris Otsuka Limited. The company is hiving off its infusions business into a new joint venture with foreign direct investment of Rs.1,050 crore.

The Foreign Investment Promotion Board (FIPB) headed by economic affairs secretary Arvind Mayaram had cleared the FDI proposals at a meeting held Feb 13.

"Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on Feb 13, 2013, the government has approved 12 proposals of Foreign Direct Investment amounting to Rs.2,609.27 crore," the finance ministry said in a statement.

Mumbai-based Glynwed Pipe Systems India Private Limited has got the approval to receive Rs.800 crore foreign investment for making downstream investments.

Decathlon Sports India Private Limited has been given the approval for induction of Rs.700 crore foreign equity in its equity share capital to undertake the business of single brand retail trading.

The government has also deferred nine proposals and rejected one.