The Government cleared Rs.6,400 crore FDI proposal of Global Health Care Company GlaxoSmithKline to acquire additional 24.33 % stake in its India arm.The Cabinet Committee on Economic affairs (CCEA ) has approved the proposal of GlaxoSmithKline pte. Ltd. , Singapur for acquisition of 24.33 % shares in existing Indian subsidiary company of GSK group.
GlaxoSmithKline Pharmaceuticals is already majority owned and controlled by the GSK group. After the purchase, holding of the promoter group firm in the Indian subsidiary will go up to 75% from the current level of 50.67%.
GSK pharma makes, distributes and trades in a variety of drugs its portfolio include prescription, medicines and vaccines across area such as anti-infectives, dermatology and gynaecology .
The company employees more than 5,000 people and generated more than Rs.2,600 crore turn over during financial year ended December 31, 2012 .
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