The Foreign Investment Promotion Board recently cleared 10 FDI proposals worth Rs.2,858 crore. These are some of the highlights:
- The proposal of Ambuja Cements Ltd for acquisition of 24 per cent stake in its holding company Holcim (India), for a share swap worth Rs.3,500 crore, has been referred to the Cabinet Committee on Economic Affairs.
- The proposal of Ostro Energy to invest Rs.1,400 crore over the next four-five years in wind energy assets was also cleared.
- Pharma firm IPCA Laboratories’ proposal to hike foreign institutional investment to 35 per cent, entailing an investment of Rs.900 crore, was approved by the intergovernmental panel.
- The proposal of Reckitt Benckiser India to acquire 24.88 per cent stake of Reckitt Benckiser Healthcare India from its foreign investor was also cleared. The deal will result in a foreign fund outflow of Rs.750 crore.
- Pharma firm Syngene International’s proposal to inject Rs.380 crore into the company through 10 per cent foreign equity participation has been approved.
FDI proposals under approval route are cleared by the FIPB. However, those above Rs.1,200 crore are forwarded to CCEA for final approval.