Indian Cabinet Approves Rs 9,589 Crore FDI in Suven Pharmaceuticals by Cyprus-Based Firm
The Cabinet has given its nod for a foreign investment of approximately Rs 9,589 crore in Suven Pharmaceuticals by Berhyanda Ltd, a company based in Cyprus. This approval pertains to the acquisition of up to 76.1% of Suven Pharmaceuticals’ shares by Berhyanda through the transfer of shares from existing promoter shareholders and public shareholders via a mandatory open offer. The total foreign investment could potentially rise to 90.1% in Suven Pharmaceuticals. Various regulatory bodies, including SEBI, RBI, and CCI, have assessed the proposal, and it has now received Cabinet Committee on Economic Affairs (CCEA) approval. The decision is contingent upon compliance with all relevant rules and regulations. Over the past five years (from 2018-19 to 2022-23), the pharmaceutical sector has attracted a total of Rs 43,713 crore in foreign direct investment (FDI). Notably, the sector experienced a significant 58% growth in FDI in the previous fiscal year.