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.

[caption id="attachment_1065953" align="alignright" width="380"] Reuters[/caption]

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.

More from Business

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