Britain's biggest drugmaker GlaxoSmithKline has made a $900 million investment in its' Indian consumer healthcare subsidiary, increasing its exposure in the fast growing sub-continental market.
GSK has raised its' holding in the Indian company to 72.5% from 43.2%, the company's Chief Strategy Officer David Redfern said.
"It is a significant vote of confidence in the long-term growth prospects of our consumer healthcare business in India," Mr Redfern added.
Britain's biggest drugmaker announced plans to acquire larger holdings in both its Indian and Nigerian consumer product businesses in November.
GSK offered 3,900 rupees per share for stock in Indian-based GlaxoSmithKline Consumer Healthcare Ltd.
The drugmaker's Indian arm sells popular brands such as health drink Horlicks, malt-based drink Boost and a multi-vitamin drink VitaHealth, which is marketed to women. It also markets OTC (over-the-counter) drugs such as paracetamol tablet Crocin, painkiller gel Iodex and acidity reliever Eno.BLOG COMMENTS POWERED BY DISQUS