FDI: Cyprus company will invest Rs 9589 crore in Suven Pharmaceuticals, government approved

The government has approved investment of Rs 9,589 crore by Cyprus-based company Beryanda Limited in Suven Pharmaceuticals. Under this acquisition, 76.1 percent shares of Suven Pharmaceutical will be transferred to Beryanda Limited. After this, the total foreign investment in Suven

Pharmaceuticals has increased to 90.1 percent.

Approval received after investigation by SEBI-RBI

The Cabinet Committee on Economic Affairs said in an official release that approval has been given to transfer 76.1 per cent shares of Suven Pharmaceuticals to Beryanda Ltd following a mandatory open offer from the existing promoter shareholders and public shareholders. The proposal has been evaluated by SEBI, RBI, CCI and other relevant agencies. The deal has been approved only after investigation by the concerned departments and SEBI-RBI.

Tremendous surge in FDI

Let us tell you that during the last five years (from 2018-19 to 2022-23), the total foreign direct investment in the pharmaceutical sector has been Rs 43,713 crore. The pharmaceutical sector has seen a significant growth of 58 percent in foreign direct investment in the last financial year.