GlaxoSmithKline's Rs 6,400 cr FDI proposal cleared by govt
PrintListen to this Article
The government today cleared Rs 6,400 crore FDI proposal of global healthcare company GlaxoSmithKline to acquire additional 24.33 per cent stake in its India arm.
The Cabinet Committee on Economic Affairs (CCEA) has approved the proposal of GlaxoSmithKline Pte Limited, Singapore for acquisition of 24.33 percent shares in existing Indian subsidiary company of GSK Group.
The said acquisition "would be done by way of a voluntary open offer under SEBI (SAST Regulations) in the pharmaceutical sector," an official statement said today.
"The approval would result in foreign investment of approximately Rs 6,390 crore in the country," the statement added.
GlaxoSmithKline Pharmaceuticals is already majority owned and controlled by the GSK Group.
After the purchase, holding of the promoter group firm in the Indian subsidiary will go up to 75 per cent from the current level of 50.67 per cent.
GSK Pharma makes, distributes and trades in a variety of drugs. Its portfolio include prescription medicines and vaccines across areas such as anti-infectives, dermatology, and gynaecology.
The company employs more than 5,000 people and generated more than Rs 2,600 crore turnover during the financial year ended December 31, 2012. (PTI)
Category : Finance | Comments : 0 | Hits : 321
Today, Finance Minister Nirmala Sitharaman presented the 16th Finance Commission report in the Lok Sabha, outlining recommendations for the devolution of tax revenues between the Centre and the states...
The Union Cabinet chaired by the Prime Minister, Shri Narendra Modi has approved the Terms of Reference for the Sixteenth Finance Commission. The Terms of Reference for the Sixteenth Finance Comm...
Finance Act, 2023 – Assented by President
Finance Act, 2023 received the assent of the President on the 31st March, 2023. Finance Bill, 2023 receives President's assent on Mar 31, 2023 and now its Finance Act, 2023. The Financ...
Comments