Cabinet Nods foreign Investment of up to Rs 9,589 crore in Suven Pharma

The Cabinet Committee on Economic Affairs has approved foreign investment in Suven Pharmaceuticals by Cyprus-based Berhyanda Limited up to Rs 9,589 crore. Berhyanda has been granted permission by the Cabinet to acquire up to 76.1 percent of the equity shares of Suven Pharmaceuticals, which is listed on the National Stock Exchange of India and the Bombay Stock Exchange, through the transfer of shares from existing promoter shareholders and public shareholders via a mandatory open offer. Suven Pharmaceuticals' total foreign investment might climb by up to 90%, according to the company.

Advent Funds have investments in Berhyanda. Berhyanda's acquisition of up to 76.10 percent of Suven Pharmaceuticals was approved by the Competition Commission of India (CCI) in April. Suven Pharmaceuticals exports active pharmaceutical ingredients and advanced drug intermediates, in addition to providing services to worldwide pharmaceutical and agricultural companies. The permission was obtained following a review of the proposal by the relevant departments, including the RBI and Sebi, and is subject to compliance with all applicable rules and regulations. During the last five years (from 2018-19 to 2022-23), total foreign direct investment (FDI) in the pharmaceutical sector has been Rs 43,713 crore. In the previous fiscal year, the industry had a large increase in FDI of 58%.