Cabinet allows 49 percent foreign investment in Lupin

The Cabinet Committee on Economic Affairs (CCEA) Wednesday approved the proposal of drug major Lupin Ltd. to increase investment by foreign institutional investors (FIIs) to 49 percent from 33 percent.

"The approval would result in foreign investment of Rs.6,099 crore in the country," the government said in a statement here.

Mumbai-based Lupin is the second largest drug company by market capitilisation and the 14th largest generic pharma firm globally.