Otsuka Pharmaceutical Factory, Inc, a leading Japanese pharmaceuticals manufacturing company, has announced a proposal to acquire an additional 20% stake from its joint venture partner, Claris Lifesciences Limited for a consideration of about Rs 128.9 crores (US$20 million) in its existing Indian joint venture, Otsuka Pharmaceutical India Private Limited, as reported by Business Standard.

Majmudar & Partners Mumbai partner Rukshad Davar represented and acted for Otsuka Pharmaceutical Factory on this transaction, according to the firm’s statement.

Veritas Legal partner Abhijit Joshi and partner Tushar Raut and associate Rebha Dakshini represented and acted for Claris Lifesciences Limited.

The proposed acquisition is subject to approval of the Foreign Investment Promotion Board.