FIPB clears Mylan's acquisition of Strides Arcolab subsidiary Agila Specialities

NEW DELHI: The Foreign Investment Promotion Board ( FIPB) has recommended Mylan Inc’s Rs 5,168-crore acquisition of Strides Arcolab subsidiary Agila Specialities to the Cabinet Committee on Economic Affairs (CCEA) for final clearance. The board also cleared 15 foreign direct investment ( FDI) proposal worth Rs 2,000 crore, the finance minister said in a statement on Friday.

The FIPB had considered these proposals on August 27.

The board recommended IDFC Trustee Company’s proposal to set up an alternate investment fund for the consideration of the CCEA. The expected foreign inflow is Rs 5,500 crore.

The cleared proposals include that of Jubilant Pharma Pte, Singapore ( Rs 1145.1 crore), Lotus Surgical Specialities ( Rs 150 crore), Symbiotec Pharmalab ( Rs 306.19 crore) and Advanced Enzyme Technologies ( Rs 200 crore). The FIPB has deferred decisions on 10 FDI proposals, including that of Hindustan Coca-Cola Holdings Pvt Ltd, HBO India Pvt Ltd, P5 Asia Holding Investments (Mauritius) Ltd, Australia Asia Resources LLP ( USA) and Dhanlaxmi Infrastructure Pvt Ltd.