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Cipla has announced that Cipla Quality Chemical Industries Limited (CQCIL) ceases to be its subsidiary, following the completion of its stake sale in the Ugandan company.
In a statement to the stock exchanges, Cipla said that its wholly-owned subsidiaries Cipla (EU) Limited (UK) and Meditab Holdings Limited (Mauritius) completed the sale of their 51.18 percent stake in CQCIL (Uganda) for a consideration amount of $25 million (about ₹200 crore).
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“Accordingly, CQCIL has now ceased to be a subsidiary of the company with effect from 14th November, 2023,” it added.
Cipla had undertaken the transaction in 2015 to strengthen its presence in the African market, the company had then said. Quality Chemicals was incorporated in 1997 and was involved with the import and distribution of pharmaceutical and consumer products.
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