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The global pharma major Mylan’s proposal for investing USD 750 million in its Indian arm to help it for the acquisition of Taparia family owned Jai Pharma Ltd (JPL) has been approved by the government.
It was stated in an official statement that the cabinet has “approved the proposal of the Department of Economic Affairs for increase in FDI up to USD 750 million in Mylan Laboratories Ltd (MLL) by Mylan Luxembourg and / or Mylan Group through subscription of equity shares and / or compulsorily convertible debentures for providing MLL part of the funds required for the acquisition of the entire share – holding of JPL post the demerger from its then shareholders (including Orizaba and resident Indian shareholders).”
The approval has been accorded subject to certain conditions.
The statement further said that with this approval, FDI of USD 750 million will be received in the country.
