Foreign investment of up to Rs 9589 crore in Suven Pharma approved by Cabinet
The approved investment aims to generate new jobs, capacity expansion of the Indian company through investments in plant & equipment.;
New Delhi: The Cabinet Committee on Economic Affairs chaired by the Prime Minister, Shri Narendra Modi today approved the FDI proposal for foreign investment of up to Rs.9589 crore in M/s Suven Pharmaceuticals Limited by M/s Berhyanda Limited, Cyprus. The approval is for acquisition of up to 76.1% equity shares of M/s Suven Pharmaceuticals Limited, a public limited Indian pharmaceutical company listed on the National Stock Exchange of India Limited and the Bombay Stock Exchange Limited, by M/s Berhyanda Limited, Cyprus, by way of transfer of shares of from existing promoter shareholders and public shareholders through mandatory Open Offer. The aggregate foreign investment may increase up to 90.1% in M/s Suven Pharmaceuticals Limited.
The proposal has been evaluated by SEBI, RBI, CCI and other relevant agencies. The approval has been granted after examination of the proposal by Departments concerned, RBI and SEBI and is subject to the fulfillment of all rules and regulations as applicable in this regard.
The entire investments in foreign Investor Company, M/s Berhyanda Limited are held by Advent Funds, which pool investments from various Limited Partners (LPs). The Advent Funds are managed by Advent International Corporation, an entity incorporated in USA. Advent International Corporation, set up in 1984 has made investments of about USD 75 billion in 42 countries. Advent India started investments in India since 2007 and so far it has invested about Rs 34000 crores in 20 Indian companies across healthcare, financial services, industrial manufacturing, consumer goods and IT services sectors.
Read also: CCI approves acquisition of up to 76.10 percent of voting share capital of Suven Pharma by Berhyanda
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