DCSIMG

Glaxo spends £625m raising stake in Indian arm

  • by GARETH MACKIE
 

Drugs giant GlaxoSmithKline has paid £625 million to increase its stake in its Indian subsidiary to 75 per cent as it banks on rising demand for medicines in emerging markets.

The group first announced plans to lift its holding in GlaxoSmithKline Pharmaceuticals from 50.7 per cent in December.

Chief strategy officer David Redfern said: “We are very pleased with the outcome of this transaction, which further increases our exposure to a strategically important market.

“It is a significant vote of confidence in the future growth prospects of our pharmaceuticals business in India and underlines GSK’s long-standing commitment to the country.”

 

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