30 September 1996 00:00 [Source: ACN]
THE Indian Foreign Investment Promotion Board has turned down Pfizer's application to set up a 100% subsidiary to manufacture and market formulations. Approval was deferred by the previous government because the company's manufacturing plans were not clear.
The current proposal was opposed by the Ministry of Chemicals and Petrochemicals, apparently on the grounds that it does not favour wholly owned subsidiaries in the pharmaceuticals sector unless there is a commitment to manufacture drugs from bulk.
A number of wholly owned subsidiaries have been permitted in the sector, but principally to operate as holding companies or to focus exclusively on R&D.
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