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GlaxoSmithKline receives FIPB clearance

Tuesday, 14 Jan 2014
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GlaxoSmithKline (GSK), the UK-based pharma major, has received approval from the Foreign Investment Promotion Board (FIPB) to invest in its Indian arm.


GSK has proposed to invest Rs 6,400 crore in its Indian arm - GlaxoSmithKline Pharmaceuticals, to acquire 24.33 per cent stake in the company.


Along with this, FIPB also approved a proposal of Hospira, the Singapore-based pharma company, to invest Rs 1,039 crore in its Indian operations. Further, the proposal made by Hitachi to spend Rs 1,540 crore has also been sanctioned.


Pharma major, Lupin's FDI proposal, however, was not cleared by the FIPB.


The Indian government accorded 100 per cent FDI in the pharma sector through automatic approval route in the new projects, but foreign investment in the existing companies is allowed only with the FIPB approval.

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