New Delhi, Feb 20 : The Cabinet Committee on Economic Affairs Thursday approved a proposal of GlaxoSmithKline Pte Limited, Singapore, to acquire 24.33 percent in the subsidiary company of the GSK Group in India.

The approval would result in foreign investment of around Rs. 6,390 crore in the country.

The acquisition would be made by way of a voluntary open offer under SEBI (SAST Regulations) in the pharmaceutical sector, said an official release. (IANS)