New Delhi, June 28: The finance ministry today cleared foreign direct investment proposals of ICICI Venture Funds and Dubai Ports International, which are expected to bring in investments to the tune of Rs 675 crore.

The NRIs and other overseas investors will now be permitted to invest in the India Advantage Fund floated by ICICI Venture Funds involving an investment of Rs 450 crore, according to a press release issued by the finance ministry.

A proposal by Dubai Ports for setting up two wholly-owned subsidiaries for developing Cochin and other SEZ projects was also cleared, involving foreign investment to the tune of Rs 225 crore.

Finance minister P. Chidambaram approved a bunch of 37 proposals today, which were cleared by the foreign investment promotion board earlier this month.

The other proposals approved include that of BHP Billiton to transfer shares from residents to non-residents to the tune of Rs 8.81 crore. ADM Interoceanic has been allowed to go in for fresh issue of shares to non-residents amounting to Rs 11.25 crore.

LG Electronics has been given permission for transfer of shares in LG Soft India Private Ltd for Rs 1.54 crore. Google International also got the nod for a similar proposal involving an investment of Rs 1 lakh, while foods major Nestle got the nod for undertaking trading activity on cash-and-carry basis for pet-food products.

IT company HCL has been allowed to undertake a share-swap in HCL Technologies, while Hewitt Associates has been given the permission for converting external commercial borrowings into equity.