Vigilant India against Chinese acquisition as deal with Shanghai Fosun Pharmaceutical Group receives criticism
New Delhi, August 2: India, the Gandhian nation, which deals any crisis in a peaceful way as it acquired independence from British rule in 1947, would never wish to see violence. Reportedly, Chinese firm Shanghai Fosun Pharmaceutical Group’s proposal of $1.3 billion take over of the Indian drug maker Gland Pharma has received back lash from India. This may pave a way to a war between India and China, which could affect the trade and economy not only between India and China but also Russia and US will have to share its consequences. Thus they would not pour any oil over the burning fire between India and China.
Even though the deal is approved by the Competition Commission of India (CCI) and India’s Foreign Investment Promotion Board (FIPB), it was found that some authorities have raised concerns over the matter. Though China has approved the takeover of the drug maker, the Cabinet Committee on Economic Affairs of India has not yet sanctioned it, according to media reports. Meanwhile, China states that it has extended the closing of the deal until September 26, and this could probably result in their invasion into India.
Media sources claim that Prime Minister Narendra Modi had not responded to the Chinese request for acquisition all of a sudden. India Finance Ministry Spokesman D S Malik told the media that the report was ‘totally speculative’ and the matter has not yet appeared before the committee. All these arouse tension between India-China as the large drug making company cannot be handed over to another nation. Gland supplies a variety of injections which are used widely as medicines and are harder to make than regular drugs.