FIPB clears Shanta Biotech's proposal; Sanofi to hold 100%

Foreign Investment Promotion Board (FIPB) has cleared Shanta Biotech's deal proposal. Sanofi will now hold 100 percent of Shanta Biotech, reports CNBC-TV18’s Aakansha Sethi.

The company’s proposal for buying out its minority shareholders has been cleared. Foreign investment in Shanta Biotech will increase from 97-100 percent. It implies an investment of Rs 755 crore in the company, which has been cleared. Also read: Govt clears 17 FDI proposals worth Rs 993 cr  Other key proposals were also cleared in the meet. Axis Bank had asked for increase its foreign investment from 49 percent to 62 percent via American Depository Receipts (ADR) and Global Depository Receipts (GDR). It was cleared by the FIPB. HCL Technologies’ proposal to invest in its downstream subsidiary called HCL Comnet in the telecom sector is also cleared. Since the holding company's foreign investment will rise from 49-74 percent, the foreign investment in downstream subsidiary will go up to 74 percent.