New Delhi, Nov 29 :    New Delhi, Nov 29:  The Cabinet Committee on Economic Affairs (CCEA) today approved proposals from software major HCL Technologies and pharmaceutical giant Dr Reddy's Labs to issue ADRs worth about $700 million. While HCL Technologies has been allowed to issue ADRs worth $500 million, Dr Reddy's was permitted to float ADRs worth $200 million. Parliamentary affairs minister Pramod Mahajan told reporters here today that the issue of HCL Technologies would be permissible only to non-resident and resident permanent employees of the company or its subsidiary company incorporated in India or outside. Funds raised through the ADR route will be used by HCL Technologies to acquire companies worldwide or enter into joint ventures with overseas partners and set up software development centres in India and abroad. Business acquisitions through issue of ADR-linked stock options to alliance partners or customers would however not be permitted. The minister said the conversion of rupee-denominated stock options into ADR-linked stock option will not be permissible for HCL. After the ADR issue, the foreign equity in the company should not exceed 49 per cent. Dr Reddy's Laboratories will use the ADRs to expand its activities and for research and development. The ADRs will be issued to persons resident outside India who shall include among others NRIs, overseas corporate bodies, foreign institutional investors, foreign venture capitalists and eligible foreign funds. Mahajan also announced that the CCEA had approved the continuance of the scheme for investment in debentures of State Land Development Banks or State Cooperative Agriculture and Rural Development banks during the ninth plan. The programme has an outlay of Rs 595 crore. CCEA has also approved the revised cost estimates for four laning of the Mumbai-Ahmedabad section of National Highway 8. The revised cost estimate of 253.47 as against the original sanction of Rs 115 crore was ascribed to 'tender rates being higher than the sanction estimates'. The original sanction was accorded in June 1993.