New Delhi, Jan. 12: The government today cleared as many as 28 proposals of foreign direct investment (FDI) worth Rs 224.42 crore, including transfer of shares of Oberoi-run Indus Hotels to Satish Raheja based in Switzerland.

The foreign investment promotion board (FIPB) approved a proposal by Satish Raheja to acquire shares in Indus Hotels, an EIH associate, from his brother Rajan Raheja for Rs 39.25 crore. Rajan Raheja, who is on the board of EIH, holds 48 per cent in Indus Hotels, and the balance is owned by the Oberois through EIH and investment firms. Indus Hotels owns four Trident properties in Udaipur, Jaipur, Agra and Cochin.

IndusInd Media also received FIPB’s approval to convert its preference shares into equity and issue fresh shares to foreign investors. The proposal of the Mauritius-registered company is expected to bring in foreign exchange to the tune of Rs 63 crore. It has offices in Calcutta, Delhi, Mumbai and Chennai.

The other clearances include a Yahoo proposal for increasing its foreign equity from 99.33 per cent to 100 per cent and a Moody’s proposal to enhance foreign equity from 23.44 per cent to 31 per cent. The Yahoo unit in India, based in Bangalore, is involved in software design and development besides engineering services.

Bausch & Lomb’s proposal to buy shares in its Indian unit through a public offering was also cleared today. However, the inflow of foreign exchange was not indicated in the clearance, as the open offer price would have to be cleared by Sebi.

Sara Lee, an international brand of casual wears, was given the clearance to contract out its garments production to Indian small businesses. Sources said, Sara Lee would source casuals and shoes from Indian units for the export market as well as the domestic market here.

Other major investment proposals pertain to chemicals, petrochemicals, automotive components, software development and IT-related services.