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.
Since the Mylan’s investment proposal is of over Rs 1,200 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.