Cipla completes stake sale in Uganda-based unit

Drug firm Cipla on Wednesday said its subsidiaries have completed the sale of a 51.18 per cent stake in Uganda-based Cipla Quality Chemical Industries Ltd (CQCIL).

Cipla (EU) Ltd, UK and Meditab Holdings Ltd, Mauritius, the wholly-owned subsidiaries of the company, have completed the stake sale on November 14 for final consideration of USD 25 million, the Mumbai-based company said in a regulatory filing.

Accordingly, CQCIL has now ceased to be a subsidiary of the company with effect from November 14, 2023 In March this year, Cipla announced that it had inked a pact with Africa Capitalworks to sell the 51.18 per cent stake in Cipla Quality Chemical Industries Ltd.