Chinese conglomerate Fosun has backed out of advanced discussions for investments in two Indian healthcare companies, amid increased scrutiny on Chinese investments.
Fosun had proposed a total investment of over $300 million in Mumbai-based Apex Kidneycare and a Bengaluru-based hospital, said a report by The Economic Times.
Fosun had made a formal proposal to purchase stakes in the two companies, the report said.
Moneycontrol could not independently verify the story.
"From a regional perspective, Fosun will continue to cultivate our existing regional markets as well as the emerging markets such as India," A Fosun spokesperson said as per the report.
"Fosun's goal this year is focusing on core industries and strengthening regional operations, and achieving industry-leading positions in all of our core businesses," the spokesperson said.
Also read: Boycotting Chinese goods: A bridge too far
Fosun might cutback on its investments in India amid negative sentiment against China, the report said.
Border tensions along the Line of Actual Control (LAC) increased after a clash between Indian and Chinese soldiers at Ladakh's Galwan Valley in June.
Meanwhile, Hyderabad-based Gland Pharma, which was acquired by Fosun Pharmaceutical in 2017, has filed a draft red herring prospectus for its initial public offering (IPO).
Fosun has also invested capital in startups such as Delhivery, Kissht, Ixigo, MakeMyTrip and LetsTransport.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
