Date:04/10/2008 URL: http://www.thehindu.com/2008/10/04/stories/2008100460371900.htm

Business

Ranbaxy-Daiichi deal gets nod

Special Correspondent

NEW DELHI: The Centre on Friday approved the acquisition of Ranbaxy Laboratories by Japanese drug major Daiichi Sankyo Co. that would lead to a foreign direct investment of Rs. 21,560.61 crore.

“Daiichi Sankyo is now free to acquire Ranbaxy,” Union Finance Minister P. Chidambaram told journalists after the meeting of the Cabinet Committee on Economic Affairs (CCEA) where the proposal was cleared. Since the deal involved investments more than Rs. 600 crore, it needed the approval of the CCEA which was granted on Friday.