Cipla to sell 51.18% stake in Cipla Quality Chemical Industries
15th Mar 2023

Cipla and its wholly owned subsidiaries -- Cipla (EU), UK and Meditab Holdings, Mauritius, have entered into a Share Purchase agreement with Africa Capitalworks SSA 3 on March 14, 2023 for sale of 51.18% stake held in Cipla Quality Chemical Industries (CQCIL), Uganda. Subsequent to the sale, CQCIL will cease to be a subsidiary of the Company. The proposed sale is expected to be completed by May 31, 2023.

The consideration to be received by Cipla (EU) and Meditab Holdings shall be in the range of $25-30 million which shall be subject to annualized audited EBITDA of CQCIL for FY23 and other adjustments as agreed between the parties and stated in the Share Purchase Agreement.

Cipla is a global pharmaceutical company which uses cutting edge technology and innovation to meet the everyday needs of all patients.