Mumbai: The government has further liberalised foreign direct investment (FDI) norms in key sectors, including civil aviation, petroleum and natural gas, commodity exchanges and credit information services.

The union cabinet today cleared 74 per cent foreign equity in aviation ground clearance services and chartered and cargo airlines, while allowing 100 per cent FDI in aviation maintenance and repair operations.

The cabinet also allowed foreign investment in helicopter and seaplane operations.

In the petrochemicals sector, the cabinet approved FDI of up to 49 per cent in state-run refineries, against the current limit of 26 per cent.

The cabinet also quashed a rule that made it mandatory for foreign firms to shed up to 26 per cent of equity in favour of Indian partners or the public within five years for ventures involving trading and marketing of petroleum products.

The government already allows 100 per cent foreign investment for refining in the private sector.

Foreign holdings in commodity exchanges would now be allowed up to 49 per cent. While foreign direct investment to the tune of 26 per cent is allowed, foreign institutional investors can hold another 23 per cent.

The cabinet also raised the foreign investment cap in credit information companies to 49 per cent, and said it would allow up to 100 per cent foreign direct investment in the mining of titanium-bearing minerals and ores.

The government also cleared 34 foreign direct investment proposals worth Rs2,288.40 crore in various sectors, including a Rs580-crore plan of Global Asset Holding Corporation for investment in telecom.

The proposals approved by Foreign Investment Promotion Board headed by finance minister P Chidambaram also include a Rs400-crore foreign currency convertible bonds issue of UTV Software Communication Ltd, engaged in entertainment television channels.

The FIPB also approved a Rs400-crore plan by Cyprus-based Lakecrest Ltd for conversion of its operating company into a holding firm.

BAG Films and Media, which recently launched a Hindi news channel News 24, received an approval for Rs40 crore FCCB while it will induct foreign investment worth Rs2.05 crore in a holding company.

FIPB, however, referred the proposal of Coca-Cola subsidiary Hindustan Coca-cola Private Ltd to the cabinet committee of economic affairs.