Cipla on Wednesday announced that it has completed the sale of its 51.18 per cent stake in Cipla Quality Chemical Industries Uganda (CQCIL) for a final consideration amount of $25 million. The transaction was finalised on November 14, 2023, and as a result, CQCIL will no longer be considered a subsidiary of Cipla.
The sale was executed by Cipla (EU) Limited, UK, and Meditab Holdings Limited, Mauritius, both wholly-owned subsidiaries of Cipla Limited. The completion of the sale took place on November 14, 2023, with a final consideration amount of USD 25 million.
This development follows earlier intimations made by Cipla Limited on March 14, 2023, and May 31, 2023, regarding the ongoing stake sale. With the successful conclusion of the transaction, CQCIL ceases to be a subsidiary of Cipla Limited, effective from November 14, 2023.
Cipla is a global pharmaceutical company with a strong presence in emerging markets. The company develops, manufactures, and markets a wide range of products, including generics, biosimilars, and over-the-counter medications. Cipla is headquartered in Mumbai, India, and has operations in over 80 countries, providing over 1,500 products across various therapeutic categories in 50+ dosage forms.