New Delhi: To the Cabinet Committee on Economic Affairs, the Finance Ministry referred the foreign investment proposals worth Rs 4,187 crore in Glenmark and Aurobindo.
An official statement said the Foreign Investment Promotion Board has sent the proposal of Mumbai-based Glenmark Pharmaceuticals to the CCEA, headed by Prime Minister Narendra Modi, to raise the cap of foreign institutional investor holding to 49 percent from present 35.07 percent.
In addition, FIPB has also sent the proposal of Hyderabad- based Aurobindo Pharma for bringing in Rs 2,165 crore foreign investment by Qualified Institutional Buyers to the CCEA.
It said, “The following two proposals have been recommended for consideration of the CCEA, as the investment involved in each of the proposal is above Rs 1,200 crore.” Glenmark Pharma, which has significant presence in branded generics markets across emerging economies including India, employs over 10,400 people in over 80 countries.
