Fosun cuts its stake in India drugmaker
Its pared-down 74% stake from the planned 86% in Gland Pharma would have been biggest Chinese takeover
Beijing
SHANGHAI Fosun Pharmaceutical Group is trimming the size of the stake it will buy in India's Gland Pharma to 74 per cent for US$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 US$1.26 billion in the Indian generic injectable drugmaker, but the deal had raised concerns among some in the Indian government, a source told Reuters previously.
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