New Delhi: The government cleared 6, 400crore FDI proposal of global healthcare company GlaxoSmithKline to acquire additional 24.33 per cent stake in its India arm.
The said acquisition "would be done by way of a voluntary open offer under SEBI (SAST Regulations) in the pharmaceutical sector," an official statement said.
"The approval would result in foreign investment of approximately Rs 6,390crore in the country," the statement added.
GlaxoSmithKline Pharmaceuticals is already majority owned and controlled by the GSK Group.
After the purchase, holding of the promoter group firm in the Indian subsidiary will go up to 75 per cent from the current level of 50.67 per cent.
GSK Pharma makes, distributes and trades in a variety of drugs. Its portfolio includes prescription medicines and vaccines across areas such as anti-infective, dermatology, and gynecology.
The company employs more than 5,000 people and generated more than Rs 2,600crore turnover during the financial year ended December 31, 2012.