Law360, New York (July 9, 2013, 3:39 PM EDT) -- India's Foreign Investment Promotion Board on Friday delayed approving Mylan Inc.'s $1.6 billion proposed merger with Agila Specialties Private Ltd., a generic-drug manufacturing division of locally based Strides Arcolab Ltd. — a deal that the companies are hoping to close by the end of the year.
Mylan confirmed to Law360 that the regulators had deferred the decision, but did not elaborate on the reasons. It is unclear when the matter will again be taken up by the board, according to agency documents.
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