The government has approved investment plans of Japanese firm Mitsui and Britain's Diageo, the world's biggest spirits company, the finance ministry said in a statement on Wednesday.

Mitsui plans to set up a wholly-owned subsidiary and a joint-venture firm in India for a total investment of 3.26 billion rupees ($70 million), the statement said.

Diageo plans to double its stake to 100 percent in the Indian venture Diageo Radico Distilleries Pvt Ltd.

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