The Union Cabinet on Tuesday cleared a total of 17 foreign direct investment (FDI) proposals worth Rs 262.56 crore.

The Cabinet cleared the FDI proposals following recommendations by Foreign Investment Promotion Board (FIPB) headed by Arvind Mayaram - Secretary at the Department of Economic Affairs.

Of the total 17 proposals, only Sanofi-Synthelabo and Augere Wireless Broadband (I) Pvt. Ltd.'s proposals are of significance as these proposals account for the lion's share of the total envisaged inflow of foreign investment.

Mumbai-based Sanofi-Synthelabo (India) Ltd has been allowed to acquire another pharmaceutical firm through internal accruals. This transaction alone is expected to fetch nearly Rs 180 crore.

Augere Wireless Broadband has been allowed to capitalize the balance amount of the airwave fee it had earlier paid to the Department of Telecommunications. This proposal entails a foreign capital inflow worth around Rs 70.66 crore.

The remaining proposals are insignificant from the foreign capital inflow point of view because they envisage either zero or a very small inflow.

The Cabinet rejected the FDI proposal of Trakshun Management Consultants LLP, while deferred decision on five other proposals, including that of Empays Payment System India and Mylan Laboratories.

The Foreign Investment Promotion Board had made the recommendations on March 13.