GSK said that it was looking to buy a 24% stake in the pharmaceuticals subsidiary for about $1billion or Rs 6,400 crore.

GlaxoSmithKline Plc (GSK), the UK’s largest drug maker, offered to spend up to $1 billion to raise its stake in Indian subsidiary GlaxoSmithKline Pharmaceuticals LtdBSE 0.64 % through a voluntary open offer, in line with similar moves by other overseas companies and marking its confidence in the local business despite new price controls having sharply eroded sales in the country.

The move will result in GSK investing a total $2 billion dollars or so in its two Indian subsidiaries, ind ..