Cipla elevates Samina Vaziralli to its board

Drug major Cipla today announced the appointment of Samina Vaziralli as executive director on its board, paving way for a bigger role for her, nearly two weeks after another heir apparent Kamil Hamied quiting the pharma company.
Vaziralli is the daughter of M K Hamied, Vice Chairman of the Board at Cipla and is part of the core leadership team since her joining the Mumbai-based firm in 2011.
Commenting on the development, Cipla Independent Director and Chairman of the Nomination and Remuneration Committee, Adil Zainulbhai said: "I am delighted to welcome Samina to the Board.
"She will reinforce the commitment and continuity of the Hamied family's involvement in Cipla. She will help drive Cipla to achieving its strategic vision."

Vaziralli has played a significant role in Cipla's ongoing transformation journey. She has been responsible for successfully incubating and shaping the company's consumer healthcare business as part of Cipla New Ventures.
She has also recently taken on an expanded role leading global strategic alliances and enabling Cipla's people strategy and leadership development.

Last month, Kamil Hamied, younger brother of Vaziralli and who has been understood to be groomed to take over the reins of the drug maker, had quit the firm citing desire to pursue interests outside the company.
Cipla's board, which met today, approved divestment of its consumer healthcare business to a wholly-owned subsidiary which is yet to be incorporated, on a going-concern basis by way of a slump sale for a consideration of Rs 10.5 crore.

The aforesaid divestment would enable the company to participate in the attractive and growing over-the-counter (OTC) market, it said.
"This business (consumer healthcare) requires a specialised FMCG kind of focus. A separate subsidiary would enable the company to attract right talent and provide the focus and attention required for this business," it added.
The division recently launched its first product Nicotex, a gum which helps smokers quit the habit.
The amount and percentage of the turnover contributed by the OTC division of the company during the last financial year (2014-15) stood at Rs 34.88 crore or around 0.3 per cent.

The net worth of OTC division of the company as on March 31, 2015 stood at Rs 6.45 crore, contributing 0.06 per cent of the net worth of the company.
"The sale agreement is yet to be finalised. The transaction is expected to be completed in the third quarter of FY16, subject to receipt of necessary approvals," the Mumbai-based firm said.
It added that none of the persons belonging to promoter, promoter group of the company has any interest in the transaction.
Cipla shares today ended 0.81 per cent down at Rs 641.05 apiece on the BSE.