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Cipla's subsidiary to buy South Africa's Mirren South African Rand 450 mn

Press Trust of India  |  New Delhi 

Drug Cipla's subsidiary has signed an agreement to fully acquire South Africa's (Pty) Ltd for a cash consideration of South African Rand 450 million (approx Rs 228 crore).

said the acquisition of Mirren, which specialises in over the counter (OTC) pharmaceutical products, will strengthen its market position and help it to accelerate growth within OTC space.

"The company's wholly-owned subsidiary Medpro (Pty) Ltd has signed an agreement to acquire 100 per cent stake in (Pty) Ltd, South Africa," said in a regulatory filing.

The transaction required approval by the and is expected to be completed before September 30, 2018, Cipla said.

"Cash consideration of South African Rand 450 million to be paid on closing of transaction," the company said.

(Pty) Ltd, had a turnover of South African Rand 152.1 million for the financial year ended on February 28, 2018. It has presence in South Africa, and

Shares of Cipla were trading 1.10 per cent higher at Rs 631.60 on BSE.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, July 12 2018. 10:50 IST