Ahmedabad-based Torrent Pharma has received approval from Foreign Investment Promotion Board (FIPB) to raise the limit of investment by foreign institutional investors (FII) from 13.09 per cent to 35 per cent.
This would mean a total investment of about Rs 3,000 crore. This is the biggest approval announced by the Foreign Investment Promotion Board (FIPB) in value terms. Pharma and medical device approvals added up to Rs 4,000 crore of foreign investment.
Torrent had recently sealed a deal to acquire a 100 per cent stake in Zyg Pharma, a part of the Mumbai-based Encore Group, for an undisclosed sum. The deal is estimated to be valued at Rs 350-400 crore.
Torrent Pharmaceuticals is Flagship Company of the Torrent group, a leader in cardiovascular and central nervous system segments. It also has presence in gastro-intestinal, diabetology, anti-infective and pain management segments
