With reference to the Press Release (of even number) dated 17th June 2015, it is clarified that the proposal of M/s Stericat Gut Strings Pvt. Ltd (as at sl. No. 1 of para 1) has been approved in so far as it relates to acquisition of shares by the foreign investor for cash consideration. The part proposal involving acquisition of shares by way of share swap has been rejected by the Government.

Foreign investment approval: cash acquisition of shares permitted while share-swap component rejected by government. The Government approved the proposal for acquisition of shares by cash consideration by the foreign investor in M/s Stericat Gut Strings Pvt. Ltd., while the component proposing acquisition of shares by way of a share swap was rejected, as clarified in the corrigendum to the earlier press release.