No financial deals of the agreement were disclosed
Cipla has inked an investment agreement with FIL Capital Investments (Mauritius) II for its consumer healthcare business.
“Cipla Health and FIL Capital Investments (Mauritius) II have on November 27, 2015 signed an investment agreement”, Cipla said in a regulatory filing.
The investment is subject to approvals from the Foreign Investment Promotion Board and the Competition Commission of India, and the transfer of Cipla’s consumer healthcare business to Cipla Health, it added.
The company however did not disclose the financial details of the agreement.
In July, Cipla’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, Cipla has entered the over-the-counter (OTC) healthcare market in India.
Earlier, the Mumbai-based company’s board had approved divestment of its consumer healthcare business to Cipla Health, a wholly-owned subsidiary, by way of a slump sale for a consideration of Rs 10.5 crore.
PTI
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