Cipla to invest Rs 225 cr for new facility in Iran

The Mumbai-based pharma major Cipla Ltd has signed a definitive agreement with its existing Iranian distributor for setting up a manufacturing facility in Iran. The total contribution from the company over the next 3 years will include machinery, equipment, technical know-how and is expected to be approximately Rs 225 crore for a 75% stake.
 
The proposed investment is subject to completion of certain conditions precedent and applicable regulatory approvals, said a statement.
 
Cipla is in the process of expanding business into other Asian countries. Earlier, it had acquired front-end distribution firm in Sri Lanka and Yemen. In June, Cipla made its fifth global acquisition deal within a span of a year, with buying 51 per cent stake in a pharmaceuticals manufacturing and distribution business in Yemen for $21 million. On June 17, it had acquired a 60 per cent stake in a Sri Lankan company for $14 million.