GlaxoSmithKline (GSK) has invested 64 billion and aims to increase its stake in its Indian pharmaceuticals unit up to 75 percent.
Britain's biggest drugmaker had also planned to lift the holding in GlaxoSmithKline Pharmaceuticals from 50.7 percent in December. It held an open offer to buy the extra shares at 3,100 rupees each from February 18 to March 5.
GSK stated ‘Final payment for shares tendered and accepted will be completed by March 20’.
David Redfern, GSK's Chief Strategy Officer, said ‘ the decision to increase exposure to the Indian market was a significant vote of confidence in growth prospects for its business in India.’
GSK, which has had a presence in India for 90 years, is keen to secure a bigger share of India's growing $14 billion-a-year market, which it views as promising despite recent moves to impose price cuts and limit patents on some medicines.
