Cipla Ltd said subsidiary of company has acquired additional 14.5 percent stake in quality chemical industries ltd for $15 million.
Cipla Ltd has informed BSE that Meditab Holdings Limited ("MHL"), a wholly owned step down subsidiary of the Company, has acquired an additional 14.5% stake in Quality Chemical Industries Limited ("QCIL"), Uganda for a consideration of USD $15 million.
QCIL's principal activity is manufacturing and selling of pharmaceutical drugs with emphasis on anti-retroviral (ARV's) and anti-malarial drugs. QCIL has a WHO approved manufacturing facility in Uganda. MHL was earlier holding 36.55% stake in QCIL.
Consequent to the acquisition of aforesaid additional stake, MHL now holds 51.05% stake in QCIL.