The acquisition will be through Nutricia International's proposed wholly owned subsidiary Nutricia (India) Pvt Ltd. Nutricia India will pick up 19 lakh equity shares representing 100 per cent of the total paid up capital of Criticare Laboratories. The board of directors of Criticare Laboratories has already given its approval to the proposal.

The company has already acquired the assets of Hindustan Lever Ltd's diary business at Etah in Uttar Pradesh.

Nutricia International had been granted foreign collaboration approval to set up the wholly owned subsidiary for manufacture, distribution and marketing of the company's nutritional, diet, health and diary based food products.

The wholly owned subsidiary was also allowed to take over companies or their assets in India as well as purchase brands registered in India to expand its business.

The subsidiary was also allowed to enter into joint ventures with Indian companies in its areas of operations and license the manufacture of its products to third parties in India and receive technology transfer fee and royalty from the licencees.

The Board has also cleared Inglewood Minerals Pvt Ltd to expand its area of operations for mineral exploration. The company has been permitted to carry out exploration activities for precious metals, base metals and other minerals in various parts of India. The company has indicated that it would result in additional investment in the mineral exploration sector.

The company had earlier been granted foreign collaboration approval to set up a wholly owned subsidiary to undertake mineral exploration in an area of 10,000 sq km in Rajasthan.

Inglewood Minerals had asked for approval to operate in various parts of the country in view of the likely opening of the mineral sector in other states. The company had stated that other metallegonic states such as Andhra Pradesh, Madhya Pradesh, Karnatak, Oriss and Bihar are likely to permit mineral exploration licenses.pThe department of mines has supported the proposal on the condition that the total area held by the company for aerial prospecting in the country shall be within the prescribed limits as applicable from time to time.