New Delhi: The Foreign Investment Promotion Board (FIPB) has cleared 10 foreign direct investment (FDI) proposals worth 2,858 crore, and referred the Holcim-Ambuja deal to the Cabinet Committee on Economic Affairs (CCEA).

“The government has approved 10 proposals of FDI amounting to 2,857.83 crore," a finance ministry statement said on Wednesday.

The proposal of Ambuja Cements Ltd for acquisition of 24% shares in its holding company Holcim (India) Ltd for a share swap worth 3,500 crore has been referred to the CCEA.

FIPB has deferred 18 proposals including that of Sharekhan Ltd for 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 1,400 crore over the next 4-5 years in wind energy assets was cleared by the FIPB in its 17 February meeting.

The inter-governmental panel, chaired by economic affairs secretary Rajiv Mehrishi, also cleared the pharma firm IPCA Laboratories’ proposal to hike foreign institutional investment (FII) to 35% entailing an investment of 900 crore.

The proposal of Reckitt Benckiser India Pvt. Ltd to acquire 24.88% share of Reckitt Benckiser Healthcare India Ltd from its foreign investor was also approved.

The deal would result in a foreign fund outflow of 750 crore. Bangalore-based pharma firm Syngene International’s proposal to inject 380 crore into the company through 10% foreign equity participation has also been cleared. FDI proposals under approval route are cleared by the FIPB.

However, those worth above 1,200 crore are given final clearance by the CCEA.

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