Based on the recommendations of the foreign Investment Promotion Board (FIPB) in its meeting held on July 5, the government has approved 12 proposals of foreign direct investment amounting to Rs 343.39 crore. The approved proposals include Sutures (I) to increase FDI holding in the company by another 26 percent, from the current 35.28 percent worth Rs 160 crore and also of BNP Paribas, Total Prosthetics & Onthotics, Imperial Cancer Hospital and Research, and Life Positive.
Meanwhile, as the Department of Industrial Policy and Promotion (DIPP) is in the process of finalising its FDI policy on brown field pharma projects involving transfer of control, the decision on Rs 5,168 crore proposal of Mylan Inc to acquire an Indian pharma company engaged in manufacture of generic pharma products was 'kept in abeyance' till the formulation of the revised FDI policy by DIPP.
As per the share purchase agreement entered between Mylan, Strides Arcolab and its two promoter entities -Arun Kumar and Pronomz Ventures LLP - in February, this year, Mylan would acquire entire issued and outstanding share capital of Agila Specialities, a subsidiary of pharma firm Strides Arcolab. Agila would be acquired by Mylan directly or through one of its subsidiaries.
Another pharma company Symbiotec Pharmalab proposal worth Rs 330 crore for transfer of shares to a foreign company, too has been kept in abeyance pending DIPP policy on FDI in pharma. FIPB has also deferred four proposals and rejected three.
Meanwhile, as the Department of Industrial Policy and Promotion (DIPP) is in the process of finalising its FDI policy on brown field pharma projects involving transfer of control, the decision on Rs 5,168 crore proposal of Mylan Inc to acquire an Indian pharma company engaged in manufacture of generic pharma products was 'kept in abeyance' till the formulation of the revised FDI policy by DIPP.
As per the share purchase agreement entered between Mylan, Strides Arcolab and its two promoter entities -Arun Kumar and Pronomz Ventures LLP - in February, this year, Mylan would acquire entire issued and outstanding share capital of Agila Specialities, a subsidiary of pharma firm Strides Arcolab. Agila would be acquired by Mylan directly or through one of its subsidiaries.
Another pharma company Symbiotec Pharmalab proposal worth Rs 330 crore for transfer of shares to a foreign company, too has been kept in abeyance pending DIPP policy on FDI in pharma. FIPB has also deferred four proposals and rejected three.
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