Advertisement

HindustanTimes Sun,20 Apr 2014

FIPB clears Mylan’s Rs. 5,168-cr FDI proposal

PTI  New Delhi, August 27, 2013
First Published: 22:14 IST(27/8/2013) | Last Updated: 10:32 IST(28/8/2013)

US-based Mylan Inc’s Rs. 5,168-crore proposal to acquire Agila Specialties Pvt Ltd — a subsidiary of pharma firm Strides Arcolab — was cleared by the Foreign Investment Promotion Board (FIPB) on Tuesday.

Advertisement

“Mylan proposal was cleared,” economic affairs secretary Arvind Mayaram told reporters after the meeting FIPB meeting.

Since the Mylan’s investment proposal is of over R1,200 crore, it will go to the Cabinet Committee on Economic Affairs for final approval.

According to a ‘Share Purchase Agreement’, Mylan would acquire entire issued and outstanding share capital of Agila Specialities Pvt Ltd — a subsidiary of pharma firm Strides Arcolab.

Mylan had moved the FIPB to seek approval for the acquisition.

Agila — a developer, manufacturer and marketer of high- quality generic injectable products — would be acquired by Mylan directly or through one of its subsidiaries.

Advertisement
more from Business

700 trainees opt for exit plan at Nokia’s Chennai plant

Finnish handset maker Nokia, struggling to shepherd its Chennai plant into its agreement to be bought by US software giant Microsoft amid tax disputes in India, has got some success with 736 of its trainees accepting the voluntary separation scheme.
markets
Advertisement
Most Popular
Advertisement
Copyright © 2014 HT Media Limited. All Rights Reserved