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

  • Trade policies must not ring fence specific industry sectors

    Within days of the government setting a floor price for import of steel products to thwart countries such as China from undercutting local mills, gove

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Arun Kumar Jain

Reframe mindset to achieve excellence

Niels Bohr, the famous quantum physicist on­ce said, “The opposite ...

Kuruvilla Pandikattu

More real than the reality

Virtual reality (VR), a te­chnology that offers an un­imaginably altered ...

Dharmendra Khandal

Urbanisation is costing us our wildlife

The road transport and highways minister Nitin Gadkari aims to ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture