Cabinet allows 49 per cent foreign investment in Lupin

The Cabinet Committee on Economic Affairs (CCEA) on Wednesday approved the proposal of drug major Lupin to increase investment by foreign institutional investors (FIIs) to 49 per cent from 33 per cent.

"The approval would result in foreign investment of Rs 6,099 crore in the country," the government said in a statement in the national capital.

Mumbai-based Lupin is the second largest drug company by market capitilisation and the 14th largest generic pharma firm globally.