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Govt plans to block $1.3-bn Gland Pharma-Fosun deal

The deal was announced last July when Shanghai Fosun agreed to buy an 86% stake in Gland Pharma


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Fosun, Gland Pharma and the CCEA did not immediately respond to requests for comment

India's on Economic Affairs, chaired by Prime Minister Narendra Modi, has decided to block China's Group Co's proposed $1.3 billion takeover of Indian Ltd, Bloomberg reported, citing people familiar with the matter.

Both companies have not been formally notified of the move yet, the report said.

Finance Ministry spokesman D.S. Malik told Reuters that the report was "totally speculative" and that the matter had not yet come before the on (CCEA).

Fosun, and the did not immediately respond to requests for comment.

The deal was announced last July when Fosun agreed to buy an 86 percent stake in KKR & Co-backed

The current stand-off on a plateau next to the mountainous Indian state of Sikkim, which borders China, has ratcheted up tension between the neighbours, who share a 3,500-km (2,175-mile) frontier, large parts of which are disputed.

Gland Pharma, based in Hyderabad, owns four factories from where it supplies a variety of injectables - widely used administered through vials, syringes, bags and pumps, which are harder to make than regular

First Published: Mon, July 31 2017. 19:21 IST