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India: FIPB holds back Wockhardt plan.

Business Line

| December 03, 2001 | COPYRIGHT 1999 Kasturi & Sons Ltd. (Hide copyright information)Copyright

NEW DELHI, Nov. 30 THE Foreign Investment Promotion Board (FIPB) has deferred for the second time its decision on Wockhardt Ltd's proposal to buy out the 50 per cent foreign stake held by Rhein Biotech GmbH in the joint venture company Wockhardt Rhein Biopharm Ltd, following the objections to the proposal raised by the Department of Biotechnology.

The Department of Biotechnology has informed the FIPB that there are several interconnected issues relating to the application filed by Indo-German joint venture company that had to be examined.

These include manufacture of recombinant drugs without necessary approvals and manufacture of licensable drugs without …

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