Cipla Inks Pact With FIL Capital
Cipla, a leading drug maker signed an investment agreement with FIL Capital Investments (Mauritius) II Limited for its consumer healthcare business.
“Cipla Health and FIL Capital Investments (Mauritius) signed and investment agreement subject to approvals from the Foreign Investment Promotion Board (FIPB) and the Competition Commission of India (CCI) and transfer of Cipla’s consumer healthcare business to Cipla Health,” a statement from the company said.
On July this year the company’s board had approved an investment by Fidelity Growth Partners India and US based Fidelity Biosciences, through FIL Capital Investments (Mauritius) II or its affiliates in its recently launched consumer healthcare business.
Through the consumer healthcare business, the company has entered the over-the-counter (OTC) healthcare market in India. Cipla’s board had approved divestment of its consumer healthcare business to Cipla Health, by way of a slump sale for a consideration of Rs 105 million.
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