Connect with Us
Moneylife - Facebook Moneylife - Twitter Moneylife - Linkedin Moneylife - Youtube Moneylife Rss feed
close

Moneylife » Companies & Sectors » Company News & Trends » CCEA clears GlaxoSmithKline's Rs6,400 crore FDI proposal

CCEA clears GlaxoSmithKline's Rs6,400 crore FDI proposal

    • 0 Comments, Be the first to comment
  • + COMMENT

Moneylife Digital Team | 20/02/2014 04:46 PM | 

After the purchase, promoter group holding in GlaxoSmithKline Pharmaceuticals will go up to 75% from the current 50.67% stake

 

The Indian government on Thursday cleared a foreign direct investment (FDI) proposal worth Rs6,400 crore of healthcare company GlaxoSmithKline to acquire additional 24.33% stake in its India unit.

 

The Cabinet Committee on Economic Affairs (CCEA) approved the proposal of Singapore-based GlaxoSmithKline Pte Ltd for acquisition of 24.33% shares in its existing Indian subsidiary GlaxoSmithKline Pharmaceuticals.

 

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.

 

"The approval would result in foreign investment of approximately Rs6,390 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% from the current level of 50.67%.

 

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 Rs2,600 crore turnover during the financial year ended 31 December 2012.


Post Comment

More in Moneylife

RBI, Free ATM use, ATM, IBA

The Pain of a Financial Consumer +1731 views

TODAY'S TOP STORIES

Post your Comment


Alert me when new comment is posted on this article
 Please read our Moderation Policy and Terms of Use before posting


VIDEOS

CSR Reporting, legal and fiscal due diligence by NGOs

LATEST COMMENT

Clearly shows how manipulators thrive and make fortune at the cost of innocent. R S Murthy

MORE

Jignesh Shah steps down as chief of Financial Technologies Moneylife Digital Team

Kotak Mahindra Bank acquires ING Vysya Bank Moneylife Digital Team

Be the first to comment
Daily Newsletter

1,00,000 Readers

Follow Moneylife
DNL facebook icon DNL linked in icon DNL twitter icon DNL youtube icon DNL rss icon
Moneylife Magazine

What's your say?

Should BCCI keep N Srinivasan out due to conflict of interest?
Yes
No
Can't Say
 
Enter Code : secure code
    change code
VOTE

What you said

Will Shiv Sena join hands with BJP govt in Maharashtra?

Thanks for casting your votes! View Previous Polls

Join Over 100,000 Awesome Readers

  1. News that Mainstream media does not always cover
  2. Views that are bold and unbiased
  3. Reports that focus on your interests as consumer, investor & citizen