GSK lifts Indian drugs unit stake to 75%

Londond - GlaxoSmithKline has lifted its stake in the group's Indian subsidiary to 75%, the British drugmaker said on Monday.

GSK said in a statement that it had increased its stake in publicly-listed GlaxoSmithKline Pharmaceuticals Limited from 50.7% in a deal worth about $1.05bn.

"We are very pleased with the outcome of this transaction, which further increases our exposure to a strategically important market," said David Redfern, GSK's chief strategy officer.

"It is a significant vote of confidence in the future growth prospects of our pharmaceuticals business in India and underlines GSK's long-standing commitment to the country."

GSK had announced in December its intention to increase its stake to 75%, a level that allows the unit to continue trading on the Indian stock market.