A unit of China’s Fosun Group has agreed to acquire a controlling stake of Gland Pharma Limited, a leading Indian pharmaceutical products company, for up to $1.26 billion, the Chinese company said in statement on its website on July 28.

The deal is China’s largest takeover of a company in India, as well as the largest takeover abroad by a Chinese pharmaceutical company.

Shanghai Fosun Pharmaceutical (Group) Co. Ltd. is buying a roughly 86 percent stake in Gland Pharma, including all shares owned by KKR as well as shares from other shareholders, said the statement.

“The deal will significantly bolster Fosun’s capability in technology used for injectable formulations, and strengthen the firm’s global presence,” said Chen Qiyu, chairman of Fosun Pharma.

Gland Pharma, based in the southern city of Hyderabad, owns four factories from which it supplies a variety of generic injectables, including Heparin, which prevents blood clots following surgery.

This deal is just the latest overseas acquisition by a Chinese pharmaceutical company.

On July 25, China’s Luye Pharma announced that it will pay $269 million to acquire the transdermal patch and implant business of Swiss pharma company Acino, a specialist in novel drug delivery systems.

On July 21, China-based drug manufacturer Jilin Zixin Pharmaceutical Co. Ltd. agreed to invest up to $42 million in Nabsys 2.0, a high-definition whole genome-mapping company in the U.S., by acquiring a 67 percent share.