Government approves GlaxoSmithKline's Rs 6,400 crore FDI proposal
New Delhi, February 20, 2014: The Government of India has approved the Rs 6,400 crore FDI proposal of the global healthcare provider GlaxoSmithKline to acquire an additional 24.33 per cent in its India arm.
The Cabinet Committee on Economic Affairs (CCEA) approved the investment proposal of GlaxoSmithKline Pte Limited, Singapore to acquire 24.33 per cent shares in existing Indian subsidiary company of GSK Group.
It may be noted here that the additional stake will be acquired by way of a voluntary open offer under SEBI (SAST Regulations) in the pharma sector.
After acquiring the additional stake, the holding of the promoter group firm will go up from the current 50.67 per cent to 75 per cent.
The company employs over 5,000 people in India and makes prescription medicines and vaccines across areas such as anti-infectives, dermatology, and gynaecology.