FIPB gives nod to Baxter’s proposal to acquire Claris
Baxter Healthcare’s proposal to acquire India-based Claris Injectables got approval from the Foreign Investment Promotion Board (FIPB) on Monday. Four foreign direct investment (FDI) proposals, including Baxter Healthcare’s deal worth Rs 4,020 crore, were cleared by the FIPB, a senior government official said after the meeting.
Baxter had earlier said that Claris Injectables could deliver annual global revenues in excess of $100 million and Baxter would expand its portfolio of essential generic injectable medicines with the acquisition of Claris.
The FIPB also approved on Monday applications from Panacea Publishing and Vodafone Mobile Services, he said. There will be no fresh inflows of FDI in these cases, as these proposals were about restructuring, he added.
FIPB phase-out by next month
The Cabinet is expected to decide by May-end a proposal to phase out the Foreign Investment Promotion Board (FIPB), currently responsible for clearing FDI proposals, said the official. Finance minister Arun Jaitley, in the Budget 2017-18, had announced the government’s intention to scrap the FIPB and replace it with a new system. FE
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