STATESMAN NEWS SERVICE
New Delhi, 3 September
The government today decided to allow global pharmaceutical company Mylan Inc, USA, to acquire 100 per cent of the fully paid-up share capital of Agila Specialities Private Limited.
The Cabinet Committee on Economic Affairs (CCEA) approved the proposal by the American firm at its meeting held here. The decision follows a relevant recommendation by the Foreign Investment Promotion Board (FIPB).
The approval would result in foreign investment amounting to Rs 5,168 crore approximately in the country.
Mylan has a presence in India through its subsidiaries ~ Myland Laboratories Limited, Mylan Pharmaceuticals Private Limited and Astrix Laboratories Limited.
Highway project: The CCEA also approved a proposal for four-laning of the Kaithal-Rajasthan border section of the National Highway in Haryana under the National Highways Development Project (NHDP) Phase IV.
The cost is estimated to be Rs 2,029.49 crore, including Rs 636.49 crore towards the cost of land acquisition, resettlement and rehabilitation and other pre-construction activities. The total length of the road will be approximately 166 km.
The project will expedite improvement of infrastructure in Haryana and also reduce the time and cost of travel for traffic, particularly heavy traffic, plying between the Kaithal-Rajasthan border.
Tertiary cancer care facilities: The CCEA approved the scheme for strengthening the tertiary care cancer facilities under the National Programme for Prevention and Control of Cancer, Diabetes, CVDs and Stroke (NPCDCS) at a total cost of Rs 4,697 crore with Central government and state share of Rs 3,535 crore and Rs 1,162 crore, respectively.
PTI adds: The Cabinet also approved bilateral air service agreement between India and Abu Dhabi, enhancing the number of seats from 13,000 to 50,000 per week.