Suven Pharmaceuticals receives approval from the Cabinet for Rs 9,589 cr in foreign direct investment, as per the proposal.
On Wednesday, the government gave its approval to a foreign investment of up to Rs 9,589 crore in Suven Pharmaceuticals by Berhyanda Ltd, based in Cyprus.
Berhyanda has been authorized to acquire up to 76.1 per cent of Suven Pharmaceuticals by means of a mandatory open offer, which involves the transfer of shares from existing promoter and public shareholders, according to an official announcement made after the Cabinet Committee on Economic Affairs meeting.
According to the statement, Suven could see a rise to 90.1 per cent in total foreign investment.
The proposal has been reviewed by Sebi, RBI, CCI and other relevant agencies.
The release stated that the approval was granted only after the proposal had been examined by RBI and Sebi departments, and it must comply with all applicable rules and regulations.
The pharmaceutical industry has received a total of Rs 43,713 crore in foreign direct investment over the past five years (2018-19 and 2020-22), with FDI rising by 58% in the last financial year.