Japan's Daiichi Sankyo's proposal to acquire Ranbaxy [Get Quote] will go to the Cabinet Committee on Economic Affairs for approval.

Any foreign deal exceeding Rs 600 crore (Rs 6 billion) has to be approved by the CCEA under the existing policy.

Industry Secretary Ajay Shanker told reporters that he does not see any problems related to the Tokyo-based Daiichi Sankyo's controlling bid on Ranbaxy Laboratories. The takeover is valued at $ 4.6 billion (Rs 19,780 crore).

The open offer by Daiichi to acquire upto 20 per cent of Ranbaxy's shares will close on September 4. Analysts do not perceive any hitch in the CCEA clearance for the Ranbaxy-Daiichi deal. The Foreign Investment Promotion Board cleared the deal last week.

However, L K Advani, leader of the opposition in the Lok Sabha, expressed concern over 'an Indian company, known for its research and development capabilities and operating in a critical area such as pharmaceuticals losing its identity to a foreign company'.

Ranbaxy declined to comment on the matter. The shares of Ranbaxy ended over 2 per cent lower at Rs 512.10 on the Bombay Stock Exchange.

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