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 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.

EDITORIAL OF THE DAY

  • No ifs and buts, please, in India’s engagement with Iran

    Some foreign policy purveyors in this country have for long insisted that India does not leverage its civilisational connections as it should or is ca

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

New masters of the Financial Times

A few days ago, Japan’s leading financial daily Nihon Keizai ...

Anuja Sharma

Focus mindfully to get the result

Have you ever tried to light a fire using the ...

Gautam Gupta

Our fashion schools need to notch it up

“Creativity is the key to success and primary education is ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture