INDIA BUSINESS WORLD - August 1st - August 31st - 2008
FIPB GIVES APPROVAL TO DAIICHI-RANBAXY DEAL
The Foreign Investment Promotion Board (FIPB) has approved the acquisition of domestic drug maker Ranbaxy by Japan's Daiichi Sankyo. The deal would now have to be cleared by the finance ministry and the Cabinet committee on economic affairs. Official sources said the deal is expected to come up before the CCEA next month. The deal was earlier cleared by the FIPB, but the amount of FDI was miscalculated at Rs 108 crore. Now, they have recalculated the amount and found it to be Rs 21,560 crore. Since the FDI inflow involved in the deal is more than Rs 600 crore, the final clearance would be given by the CCEA.
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