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China's Fosun Pharma to buy smaller stake in Indian firm for $1.1bn


By Dominique Patton and Zeba SiddiquiBEIJING/MUMBAI (Reuters) - Shanghai Fosun Pharmaceutical Group has agreed to cut the size of the stake it will buy in India's Gland Pharma to 74 percent, it said on Sunday, paying about $1.1 billion for what is still set to be China's biggest acquisition in India.Fosun had previously sought an 86 percent stake valued at about $1.26 billion, but the deal had raised concerns among some in New Delhi, a source told Reuters.Rules issued in June stipulate that foreign investors can buy equity stakes of up to 74 percent in India's pharmaceutical companies without ...

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First Published: Sun, September 17 2017. 20:41 IST