(Reuters) – India has privately raised objections to Chinese firm Shanghai Fosun Pharmaceutical Group’s (600196.SS) proposed $1.3 billion takeover of Indian drugmaker Gland Pharma, a source familiar with the matter said on Monday.
The deal has won the approval of the Competition Commission of India (CCI) and India’s Foreign Investment Promotion Board (FIPB) in the last few months, but some in the government have expressed concerns, the source said, declining to be named.
Chinese authorities have approved the takeover of the injectable drugmaker, but it is awaiting a nod from the Cabinet Committee on Economic Affairs of India, Shanghai Fosun said in a statement to Reuters.
The closing of the deal, which would be China’s largest ever acquisition in India if approved, has now been extended to Sept. 26, the company added.
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