India's Suven Pharma jumps as govt greenlights $1.15 billion FDI deal
Shares of Hyderabad, India-headquartered Suven Pharmaceuticals (BOM: 543064) hit a fresh 52-week high on the bourses after the Indian government gave the green signal to foreign direct investment (FDI) of up to $1.15 billion by drug major Cyprus-based Berhyanda.
The approval by the Cabinet Committee on Economic Affairs (CCEA) relates to the acquisition of up to 76.1% of the company and will fund the capacity expansion of the Indian pharma company. The aggregate foreign investment may soar to 90.1% in Suven.
FDI policy
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