India has approved Daiichi Sankyo's stake purchase in the country's top drug maker by sales, Ranbaxy Laboratories, the finance ministry said in a statement on Wednesday.
Japan's Daiichi has agreed to buy a 34.8 per cent stake in Ranbaxy and aims to take up to 20 per cent more from the open market in deals worth up to $4.6 billion. The Japanese drug maker will also make an open offer to buy up to 20 per cent of shares in another Indian firm, Zenotech Laboratories, which is 47-per cent owned by Ranbaxy.
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