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India's Cipla says subsidiary buys stake in Quality Chemical for $15 mln

Published: 21st November 2013 02:15 PM  |   Last Updated: 21st November 2013 02:15 PM   |  A+A-

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Y.K. Hamied, chairman and managing director of Indian generic drugmaker Cipla, poses for a picture in front of a cabinet containing the company's products before an interview in Mumbai May 8, 2012.(Reuters)

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.



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