India cleared the proposal of M&S to contribute 51 percent of the FDI and Pearle Europe BV's proposal to contribute 50 percent FDI for single brand retailstores.

Earlier, India's Reliance Retail Ltd., part of conglomerate Reliance Industries Ltd., announced a joint venture with Pearle Europe to launch a chain of eyewear stores in India.

Pearle Europe is owned by HAL Investments, the European investment subsidiary of HAL Holding NV, and operates 2,200 eyewear stores in 21 countries.

The ministry, which based its decisions on recommendations of the Foreign Investment Promotion Board, also cleared Midmark Corp.'s proposal to invest up to 49 percent of the FDI, worth 11.1 million rupees, in an Indian company.

Eni UK Holding Plc.'s proposal to invest 261.1 million rupees to buy shares of a company engaged in the exploration, development and production of crude oil and natural gas in India was also approved.

The ministry also cleared Japan's Mikuni Corp.'s proposal to invest 200 million rupees to establish a wholly owned subsidiary to produce components for two and three-wheel vehicles.

Macquarie India Properties Pty Ltd.'s proposal to invest 22.5 million rupees to set up a wholly owned unit to carry out investment advisory and financial consultancy services for the real estate investment industry and undertake investment research activities was also cleared.

As was Parryware Roca Pvt. Ltd.'s proposal to increase foreign equity from 50 percent to 100 percent, by way of a 741 billion rupee investment, and conversion

from operating company to operating cum holding company to make downstream investment.