Press trust of India / Mumbai Dec 31, 2009, 19:36 IST
Drug firm Zydus Cadila today said it has acquired the remaining 30 per cent stake in its South Africa-based subsidiary Simayla for an undisclosed amount.
Zydus Cadila, through its South African subsidiary Zydus Healthcare SA, has acquired the remaining 30 per cent stake from the co-promoters of Simayla Pharmaceuticals (Proprietary), the company said in a filing to the Bombay Stock Exchange.
Zydus Healthcare SA had bought majority stake of 70 per cent in Simayla in 2008 and after this development, the African company would become a 100 per cent arm subsidiary of Zydus group, the company said.
"We will be stepping up our plans for growth in line with our global strategies and looking at long term initiatives that reaffirm our commitment of being an ethical healthcare provider," Zydus Cadila Chairman and Managing Director Pankaj R Patel said.
Simayla has strong presence in the cardio vascular, anti-infective, respiratory, gastrointestinal and women's healthcare segment and is synergistic fit for the Zydus group, the company said.
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