The Foreign Investment Promotion Board has cleared 10 FDI proposal worth Rs 2,858 crore.

“The Government has approved 10 proposals of Foreign Direct Investment (FDI) amounting to Rs 2857.83 crore,” a finance ministry statement said today.

Ambuja cement’s proposal for acquisition of 24 per cent shares in its holding company Holcim (India) Ltd for a share swap worth Rs 3,500  crore has been referred to the cabinet Committee on Economic Affairs.

The inter-governmental panel which was chaired by Economic Affairs Secretary Rajiv Mehrishi also cleared the pharma firm IPCA Laboratories’ proposal that is to hike foreign institutional investment (FII) to 35 per cent Involving an investment of Rs 900 crore.

FIPB has cleared FDI proposals that were under approval route. Whereas those worth above Rs 1,200 crore are given the final clearance by CCEA.