FIPB clears Shanghai Fosun's deal to buy India's Gland Pharma

The Foreign Investment Promotion Board (FIPB), on Wednesday, cleared Shanghai Fosun's deal to buy India's Gland Pharma.

The FIPB approved 10 FDI proposals including Gland Pharma's proposal which is worth Rs 4,300 crore.

However, the inter-ministerial body rejected 5 applications, while delaying response on 11 other proposals, namely Vodafone Sistema Shyam's proposals.

The country's ease of doing business quotient has improved in the last two years, said Sanjay Nayar the CEO of PE investor KKR India. Global PE investors are now interested in India's economic growth story.

Private equity has played a crucial role in this, he added.

Last week, the FIPB had deferred the Gland Pharma-Shanghai Fosun deal which is worth USD 1.4 billion. Now that it has been approved, the capital infusion coming from the deal, will help expand Gland's presence across the world, said Ravi Penmetsa, VC and MD of Gland Pharma.

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