No plans to invest in UAE unit, says Elder Pharma

Drug-maker Elder Pharmaceuticals Ltd today said it has no plans to invest in its wholly-owned subsidiary in the United Arab Emirates.

RBI data on Monday revealed overseas direct investment by Indian companies stood at USD 5.58 billion in April 2014, which includes Elder Pharmaceuticals commitment of USD 1.3 billion in the form of loans in its wholly owned subsidiary in the UAE.

However, in a statement the company today clarified to BSE it has no plans to invest USD 1.3 billion in the form of loans in its subsidiary in the Gulf nation.