 "FIPB clears Mylan's Rs 5,168-cr FDI proposal")
New Delhi: 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.
“Mylan proposal was cleared,” economic affairs secretary Arvind Mayaram told reporters after the meeting FIPB meeting.
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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.
PTI