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Govt set to block $1.3-bn Chinese pharma firm Fosun's takeover of Gland

CCEA, chaired by PM, to block Fosun Pharma's purchase of 86% in Gland Pharma

Siddhartha Singh & George Smith Alexander | Bloomberg  |  New Delhi/Mumbai 

India is poised to reject Shanghai Fosun Pharmaceutical Group’s proposed $1.3-billion takeover of drugmaker Gland Pharma, according to people familiar with the matter, scuppering the biggest-ever Chinese acquisition in the country. The Cabinet Committee on Economic Affairs (CCEA), which is chaired by Prime Minister Narendra Modi, has decided to block the Chinese firm’s purchase of an 86 per cent stake in Gland Pharma, according to the people. The companies haven’t been formally notified of the move yet, the people said, asking not to be identified because the ...

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First Published: Tue, August 01 2017. 08:09 IST