India is poised to reject Shanghai Fosun Pharmaceutical Group Co.’s proposed $1.3 billion takeover of an Indian drugmaker, according to people familiar with the matter, scuppering the biggest-ever Chinese acquisition in the country.
The Cabinet Committee on Economic Affairs, chaired by Prime Minister Narendra Modi, has decided to block the Chinese firm’s purchase of an 86 percent stake in Gland Pharma Ltd., said the people. The companies haven’t been formally notified yet of the move, the people said, asking not to be identified because the information is private.
