Cadila, Recipharm get nod for foreign equity investment

New Delhi, Jan 14 (IANS) A proposal from drugmaker Cadila to inject foreign equity of Rs.5,000 crore towards expansion in India is among the five proposals approved by the Foreign Investment Promotion Board (FIPB) in its latest meeting, an official statement said on Thursday.

Another proposal, again from a global pharmaceuticals company, that was approved is from Sweden-based Recipharm Participation for incorporating a subsidiary in India with an investment of Rs.1,050 crore for investing in other companies, the statement added.

In October last year, Recipharm had announced that it was entering into an agreement to acquire 74 percent majority stake in Nitin Lifesciences, an Indian contract manufacturing firm in the sterile injectables business, for Rs.671 crore.

Almost all the other proposals in areas ranging from financial services to cement did not involve any foreign equity infusion.

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