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China's Fosun to buy 74% stake in Gland Pharma for $1.1 bn in revised deal

India allows foreign investment of up to 100% in pharmaceutical sector but above 74% requires govt approval

Reuters  |  Beijing/Mumbai 

Shanghai Fosun Pharmaceutical Group is trimming the size of the stake it will buy in India's Gland Pharma to 74 per cent for $1.1 billion, in a bid to salvage the stalled deal that would be the biggest takeover by a Chinese firm in India. Fosun Pharma had struck a deal in July last year to buy an 86 per cent stake valued at about $1.26 billion in the Indian generic injectable drugmaker, but the deal had raised concerns among some in the Indian government, a source had told Reuters previously. India allows foreign investment of up to 100 per cent in its pharmaceutical sector ...

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First Published: Mon, September 18 2017. 12:26 IST