On Wednesday, the government gave the go-ahead for Cyprus-based Berhyanda Ltd.’s proposed foreign investment of up to Rs 9,589 crore in Suven Pharmaceuticals.

An official statement following the meeting of the Cabinet Committee on Economic Affairs stated that the approval is for Berhyanda to purchase up to 76.1% of the outstanding shares of Suven Pharmaceuticals through the transfer of existing promoter shareholders’ and public shareholders’ shares through a mandatory open offer.

According to the release, Suven’s total foreign investment could reach 90.1%. Sebi, RBI, CCI, and other pertinent organizations have evaluated the proposal.

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The release also stated that compliance with all rules and regulations that apply in this regard was a condition of receiving the approval, which had been granted following examination of the proposal by the relevant departments, RBI, and Sebi.

Over the past five years (from 2018-19 to 2022-23), there has been a total of Rs 43,713 crore in foreign direct investment (FDI) in the pharmaceutical sector. The last financial year saw a significant increase in FDI of 58% for the sector. Suven Pharmaceuticals Limited operates as a bio-pharmaceutical company in India, the United States, Europe, and internationally.