The Cabinet Committee on Economic Affairs has approved the proposal of M/s GlaxoSmithKline Pte Limited, Singapore for acquisition of 24.33 percent of shares in the existing Indian subsidiary company of the GSK Group in India by way of a voluntary open offer under SEBI (SAST Regulations) in the pharmaceutical sector.

The approval would result in foreign investment of approximately Rs. 6390 crore in the country.

Voluntary open offer approval enables acquisition of significant equity in Indian pharmaceutical subsidiary with foreign investment implications. Approval was granted for a voluntary open offer under SEBI (SAST) Regulations by M/s GlaxoSmithKline Pte Limited, Singapore to acquire 24.33% of the equity of its existing Indian subsidiary in the pharmaceutical sector, with executive clearance authorising the foreign acquisition and consequent inward foreign investment.