 "fdi")
Under the chairmanship of Prime Minister Narendra Modi, the Cabinet Committee on Economic Affairs (CCEA) approved the foreign direct investment (FDI) proposal of up to Rs 9,589 crore in Suven Pharmaceuticals Limited by Berhyanda Limited of Cyprus, CCEA said in a press release.
The government has approved the acquisition of 76.1 per cent equity shares of Suven Pharmaceuticals Limited, a public limited Indian pharmaceutical company listed on the National Stock Exchange (NSE) and BSE.
The FDI has been approved by way of transferring shares from existing and public shareholders through a mandatory Open Offer. The aggregate foreign investment may increase up to 90.1 per cent in Suven Pharmaceuticals Limited, the Cabinet Committee on Economic Affairs (CCEA) said in a press release.
Sebi, RBI, CCI, and other regulatory authorities have looked into the proposal. The approval has been granted after evaluating the proposal by the departments concerned, RBI and Sebi, and is subject to the fulfilment of all rules and regulations as applicable in the matter, the release said.
The entire investments in foreign Investor Company, Berhyanda Limited, are held by Advent Funds, which pool investments from various Limited Partners (LPs). Advent International Corporation, an entity incorporated in the USA, manages the Advent Funds. The group has invested across healthcare, financial services, industrial manufacturing, consumer goods and IT services sectors.
Advent India started its investments in India in 2007 and has invested about Rs 34,000 crores so far in 20 Indian companies. The approved investments are aimed at generating new jobs, and capacity expansion of the Indian economy through investments in plant and equipment.
