Cipla buys 60% stake in Sri Lankan co for $14m

Tags: Cipla, Companies
Pharmaceutical firm Cipla Ltd today said it has acquired 60 per cent stake in

RELATED ARTICLES

a new company in Sri Lanka for $14 million (nearly Rs 85 crore) to market its product in the country.

Cipla (Mauritius) Ltd, a wholly owned subsidiary of the Indian company, has signed a definitive agreement with its existing Sri Lankan distributor for acquisition of 60 per cent stake in a new company, Cipla said in a filing to the BSE.

The new company will market the Cipla's products in Sri Lanka, it added.

"The consideration payable for the transaction is $14 million," the filing said, adding that the proposed acquisition was subject to regulatory approvals.

As part of its global expansion, Cipla has been active in acquisitions.

Last year, it completed the buyout of South African pharma firm Cipla Medpro for Rs 2,707 crore.

Cipla had also acquired Croatia-based firm Celeris, distributor of its products in that country last December.

Shares of Cipla were trading at Rs 411.30 per scrip in the afternoon trade, down 0.56 per cent from the previous close on the BSE.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Redefining the age of minors from 18 to 16 makes sense

    An issue that’s been simmering since the horrific gangrape of December 2013 is finally being laid to rest.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

Urs Schoettli

The difficulties with war history

There have been a series of commemorative events lately. Last ...

Anish Chakraborty

Betting big on Pascal’s wager

Blaise Pascal was a 17th century French philosopher mathematician and ...

Bubbles Sabharwal

The five cardinal rules of urban snobs

Believe it or not there is the unspoken-of society of ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture