The Cabinet has approved the acquisition of up to 76.1 per cent equity shares of Suven Pharmaceuticals which is listed on the National Stock Exchange of India and the Bombay Stock Exchange by Berhyanda through transfer of shares from existing promoter shareholders and public shareholders through mandatory open offer.
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The aggregate foreign investment in Suven Pharmaceuticals may increase up to 90.1 per cent, it said. Investments in Berhyanda are held by Advent Funds.
The Competition Commission of India (CCI) in April approved Berhyanda’s acquisition of up to 76.10 per cent in Suven Pharmaceuticals.
Suven Pharmaceuticals exports active pharmaceutical ingredients and advanced drug intermediates, apart from offering certain services to global pharmaceutical and agrochemical majors. The release further said the approval has been granted after examination of the proposal by departments concerned, RBI and Sebi and is subject to the fulfilment of all rules and regulations as applicable in this regard.Total foreign direct investment (FDI) in the pharmaceutical sector has been Rs 43,713 crore during last five years (from 2018-19 to 2022-23). The sector has witnessed significant growth in FDI of 58 per cent in the last financial year.