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China's Fosun to buy Indian drugmaker for $1.26 billion

Staff Writer | July 30, 2016
The pharmaceutical arm of Chinese conglomerate Fosun plans to buy a majority stake in India's Gland Pharma for as much as $1.26 billion, in the biggest Indian acquisition by a Chinese company.
Acquisition   The biggest Indian acquisition by a Chinese company
Hong Kong-listed Shanghai Fosun Pharmaceutical Group will take an 86.08 percent stake in the drugmaker if the purchase completes, according to a filing to the Hong Kong stock exchange.

It is still subject to regulatory approvals from authorities in India, the United States, and China, the filing said.

Gland Pharma, based in the Indian city of Hyderabad, counts American private equity firm KKR and its chief executive's family as its biggest shareholders.

The deal is the largest purchase of an Indian asset by a Chinese company, according to Bloomberg.

Shanghai-based Fosun hopes to expand its global reach with the Indian firm.