FIPB approves Aurobindo Pharma's FDI proposal

The Foreign Investment Promotion Board (FIPB) has approved two foreign direct investment (FDI) proposals, including that of Aurobindo Pharma, an official statement said.

"Based on the recommendations of FIPB in its meeting held on May 20, 2016, the government has approved two FDI proposals involving FDI of Rs 2.19 crore," said the finance ministry statement.

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, the statement said.

FIPB has recommended another proposal from Holcim India 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, it said.

Moreover, Vodafone India's proposal to acquire 100 per cent share capital of You Broadband India has been deferred, it added.