India approves Essar, Teikoku investment plans

NEW DELHI, March 14 (Reuters) - India on Friday approved 18 foreign direct investment proposals worth 15.53 billion rupees ($384 million), including by Essar group, Japan's Teikoku Piston Ring Co (6463.T: Quote, Profile, Research, Stock Buzz) and French insurer Societe Beaujon.

The finance ministry said in a statement India's Essar group plans to set up a holding company with foreign equity at a cost of 5.6 billion rupees and invest in India's booming financial sector.

Teikoku plans to set up a wholly owned venture in India with an initial investment of 400 million rupees to make auto parts.

Paris-based Societe Beaujon plans a 1.91 billion rupees investment in an insurance company in India, the ministry said. ($1=40.4 rupees) (Reporting by Rajkumar Ray)