New Delhi, The Foreign Investment Promotion Board (FIPB) cleared 10 Foreign Direct Investment (FDI) proposals worth Rs. 2,858 crores, and referred the Holcim-Ambuja deal to the Cabinet Committee on Economic Affairs (CCEA).
“The Government has approved 10 proposals of Foreign Direct Investment (FDI) amounting to Rs. 2857.83 crore,” said a statement by the Finance Ministry on 25th March,2015.
The proposal of Ambuja Cements for the acquisition of 24 per cent shares in its holding company, Holcim (India) Ltd. for a share swap worth Rs. 3,500 crore was referred to the CCEA. The FIPB deferred 18 proposals, including that of Sharekhan Ltd., for the transfer of compulsory convertible debentures (CCDs) and compulsory convertible preference shares (CCPs) held by IDFC Ltd., to Baring Private Equity.
The proposal of Ostro Energy to invest Rs. 1,400 crore over the next 4-5 years in wind energy assets was cleared by the FIPB during a meeting on 17th February, 2015.

The inter-Governmental panel, chaired by the Economic Affairs Secretary Rajiv Mehrishi, also cleared the pharma firm, IPCA Laboratories’ proposal to hike foreign institutional investment (FII) to 35 per cent, thus entailing an investment of Rs. 900 crore.
The proposal of Reckitt Benckiser (India) to acquire a 24.88 per cent share of Reckitt Benckiser Healthcare India Ltd. from its foreign investor was also approved. The deal would result in a foreign fund outflow of Rs. 750 crore.

Bangalore-based pharma firm, Syngene International’s proposal to inject Rs. 380 crore into the company through 10 per cent foreign equity participation was also cleared.

FDI proposals under the approval route are cleared by the FIPB. However, those which are worth over Rs. 1,200 crore are given a final clearance by the CCEA.

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