The Cabinet Committee on Economic Affairs (CCEA) has given approval for a $400 million (approx Rs 2,394.8 crore) foreign direct investment (FDI) proposal of KKR to acquire stake in Gland Pharma.
KKR had proposed to acquire a 37.98 per cent stake in Gland Pharma from Evolvance India Life Science Fund (EILSF), which had invested $30 million (approx Rs 197.61 crore) in Gland Pharma, in 2008.
The company also received approval from CCEA to acquire 29.4 per cent share in Gland Celsus Bio Chemicals from an existing investor.
Gland Pharma develops and manufactures generic injectables primarily for the US, as also for India and other semi-regulated markets. It also produces active pharmaceutical ingredients.