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Fox Chennai, JSA Bgl get quick FIPB nod selling $14m Wintac pharma shares to US-GAVIS

Fox Mandal advised US-based GAVIS Pharmaceuticals in its Rs 73.75 crore ($13.6m) brownfield investment in Bangalore-based pharma company Wintac, which was advised by J Sagar Associates (JSA).

Fox Mandal Chennai partner Jeevanandham Rajagopal with associates Vidya Sunderam and S Sathyanarayanan acted for GAVIS which bought 66 per cent equity in Wintac, and obtained the Foreign Investment Promotion Board’s (FIPB) approval for the acquisition within one month from applying for it, according to Fox Mandal.

Rajagopal said: “It is the only case post the regulation requiring FIPB approval for brownfield investment in pharmaceutical sector where the approval was granted in less than five weeks of filing and was cleared in the first meeting of FIPB, whereas the other approvals have taken 9 to 12 months on average.”

The expedited approval was secured through a “comprehensive and extensive” application for its grant, and was also aided by the FIPB’s relative clarity with the new regulations, explained Fox Mandal. In October 2012, the government had said that brownfield investments in the pharma sector would require FIPB approval, reported the Economic Times.

JSA Bangalore partner Murali Ananthasivan acted for Wintac, which trades on the Bombay and Bangalore stock exchanges.

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