Cipla acquires 60% stake in Sri Lankan firm for US$ 14 million
The acquisition is for marketing its products in the Sri Lankan market.
New Delhi, June 17, 2014: Cipla Ltd has acquired a 60 per cent stake in a new company in Sri Lanka worth around US$ 14 million to market its products in the Sri Lankan market. Cipla (Mauritius) Ltd, a wholly owned subsidiary of the Indian drug firm, has signed a definitive agreement with its existing distributor in the Sri Lankan market for picking up a 60 per cent stake.
The information was provided by Cipla in a BSE filing. It may be recalled here that the company acquired the complete stake in South African pharma firm Cipla Medpro for Rs 2,707 crore last year.
The company also acquired Croatia-based firm Celeris and distribution of its products in that country in December 2013.