Based on the recommendations of foreign investment promotion board (FIPB) in its 235th meeting held on May 20, 2016, the government has approved two foreign direct investment (FDI) proposals, including that of Aurobindo Pharma. The FDI proposal of Aurobindo Pharma is worth Rs 2.19 crore, while the one from Sterling Commerce Solutions India was for approval to act as an investing company for Curan Software International, Emptoris Technologies India, Kenexa Technologies and Rational Software Corporation (India), which are currently owned by overseas companies of IBM and are currently dormant.
FIPB has recommended another proposal from Holcim India worth Rs 3,400 crore for approval of the Cabinet Committee on Economic Affairs. The proposal seeks approval for Ambuja Cements to acquire 24 per cent shares in its holding company, Holcim India.
Meanwhile, three FDI proposals were deferred including Mylan Laboratories, Vodafone India and Reckitt Benckiser (India). Besides, seven proposals were rejected which include Rizobactor Argentina, S.A, Indian Energy Exchange, Veritas (India), BMJ Group India, CevaSanteAnimale, Sharekhan and Exzatech Solutions.