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

Tags: 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

  • India is yet to play fair with her women sportspersons

    Women in India make news when their being women for better or worse is the reason, not because their achievements single them out as persons who have

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Amita Sharma

Surely, our children deserve the best?

The findings of the latest national achievement survey for Class ...

Zehra Naqvi

It’s only words

The Indian film industry is, perhaps, the most recognisable symbol ...

Bubbles Sabharwal

Ruling the world from the kitchen

Today I am one thing, tomorrow another! Sometimes wife, sometimes ...