The US-based pharmaceutical firm Mylan Inc. will buy 100 percent stake in Agila Specialities Private Limited, that will result in foreign investment inflow of nearly Rs.5,168 crore in the country.
The Cabinet Committee on Economic Affairs chaired by Prime Minister Manmohan Singh Tuesday approved the investment proposal by the American firm.
The Foreign Investment Promotion Board (FIPB) had referred the proposal to the cabinet.
"The Cabinet Committee on Economic Affairs today gave its approval to the proposal of Mylan Inc., US, as recommended by FIPB, to acquire 100 percent of the fully paid up share capital of Agila Specialities Private Limited," according to an official statement released after the cabinet meeting.
"The approval would result in foreign investment amounting to Rs.5,168 crore approximately in the country," it said.
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