Cipla takes majority stake in Ugandan firm
Company has bought 14.5% stake for $15 million
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Pharma giant Cipla has acquired a majority stake in Uganda’s Quality Chemical Industries (QCIL), with the acquisition of an additional 14.5 per cent stake for $15 million through its subsidiary, Meditab Holdings Ltd (MHL).
“MHL was earlier holding a 36.55 per cent stake in QCIL. MHL now holds 51.05 per cent stake in QCIL,” the company said.
Shares of Cipla closed at Rs 387, down 1.41 per cent on the BSE exchange.
QCIL’s mainly makes and sells anti-AIDS and anti-malarial drugs. It has a manufacturing facility approved by the World Healh Organization in Uganda.
“MHL was earlier holding a 36.55 per cent stake in QCIL. MHL now holds 51.05 per cent stake in QCIL,” the company said.
Shares of Cipla closed at Rs 387, down 1.41 per cent on the BSE exchange.
QCIL’s mainly makes and sells anti-AIDS and anti-malarial drugs. It has a manufacturing facility approved by the World Healh Organization in Uganda.
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First Published: Nov 22 2013 | 12:42 AM IST