Foreign Investment Promotion Board cleared FDI proposal of Mylan Laboratories entailing a capital inflow of Rs 4960 crore. In February, Mylan Inc through its Indian subsidiary Mylan Laboratories Limited hadd signed a definitive agreement to acquire certain female health care businesses from Famy Care Limited, a special women's healthcare company with global leadership in generic oral contraceptive products for total consideration of $800 million.
The Finance Ministry statement said that Mylan had sought approval on behalf of itself and Jai Pharma Limited for issuance of 17,07,330 equity shares of face value of Rs 10 each by JPL to the existing shareholders of Famy Care (including Orizaba) pursuant to demerger.
