GSK pays $1bn to increase stake in Indian pharmaceutical unit

GlaxoSmithKline has lifted its stake in the group's Indian subsidiary to 75 percent, 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 percent in a deal worth about £625 million ($1.05 billion, 752 million euros). "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 percent, a level that allows the unit to continue trading on the Indian stock market.