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The Cabinet Committee on Economic Affairs approved two significant foreign investments in the pharmaceutical sector on Tuesday.
Qualified Institutional Buyers (QIBs) have been allowed to infuse ₹2,165 crore as fresh equity in Aurobindo Pharma, giving them a fresh equity of up to 7 per cent in the company.
The existing FII shareholding in the company is 27.32 per cent. The investment will be used to expand operations in the areas of anti infective, cardiovascular and central nervous system related ingredients.
In addition, approval has been given to Glenmark Pharmaceutical Ltd, which has increased the foreign investment limit by FIIs from 35.07 per cent to 49 per cent, resulting in an inflow of about ₹2,022 crore.
“This underscores the importance given by the Government to strengthening healthcare in the country, by ensuring availability of drugs to the people at reasonable prices,” an official statement said.
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