27 March 2001 12:49 [Source: ICIS news]
SINGAPORE (CNI)--India's Foreign Investment Promotion Board has given approval for pharmaceuticals group Max India to sell a 21% stake in its penicillin-manufacturing joint venture Max GB to partner DSM for Rs226.6m ($4.87m/Euro5.43m), a spokesman from Max India told CNI on Tuesday.
After the acquisition has been completed, Dutch chemicals and life sciences group DSM will own 95% of Max GB and Max India the remaining 5%.
Max GB's sales reached Rs2bn last year.
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