Mylan gets clearance for $1.6-billion takeover of Agila Specialties

5:35 AM, 19th August 2013

NEW DELHI, INDIA: Mylan Inc gets clearance for $1.6-billion takeover of Agila Specialties after Indian Prime Minister Manmohan Singh overruled objections from the department of industrial policy and promotion (DIPP) and health ministry, sending a positive signal to foreign investors as the country battles a sliding rupee.

Mylan’s application was cleared by Foreign Investment Promotion Board (FIPB) in July 2013, and after the decision on 16 August 2013, it is likely to be approved by the Cabinet Committee of Economic Affairs (CCEA). “The present proposals, before the Foreign Investment Promotion Board (FIPB) or as approved by it, will go through under the existing policy,” said Anand Sharma, Indian Commerce and Industry Minister.

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