Shanghai Fosun Pharmaceutical Group <600196.SS> is trimming the size of the stake it will buy in India's Gland Pharma to 74 percent for $1.1 billion (809 million pounds) Cheap Keith Tkachuk Jersey , 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 percent 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 percent in its pharmaceutical sector but above 74 percent requires government approval.
Two sources with knowledge of the matter told Reuters that the Chinese drugmaker had agreed to lower the stake it planned to acquire in Gland to 74 percent, mainly because it sought to get the deal completed more smoothly and faster. Gland is backed by private equity firm KKR & Co LP .
Fosun said in a statement on Sunday the deal no longer required a nod from India's Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi. It said it had already received approval from Chinese regulators and applied for antitrust approval in the United States and India.
The Chinese drugmaker added that Gland Pharma's founding family wanted to retain a bigger holding in the Indian company because of its good performance.
Gland managing director Ravi Penmetsa told Reuters some approvals the original deal had received were at risk of expiring.
"Now with this new agreement Cheap Garry Unger Jersey , we won't have to reapply for those," he said, adding that he expects the deal to be completed in two weeks.
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