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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


India's Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, has decided to block China's Shanghai Fosun Pharmaceutical Group Co's proposed $1.3 billion takeover of Indian drugmaker Gland Pharma 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 Cabinet Committee on Economic Affairs ...

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