Mumbai: Cipla Ltd, India’s second largest drugmaker, on Thursday said it had bought an additional 14.5% stake in Quality Chemical Industries Ltd (QCIL) of Uganda for $15 million (around 90 crore), taking its total stake in the pharmaceutical company to about 51.05%.

Cipla’s subsidiary in Uganda, Meditab Holdings Ltd, already owned a 36.55% stake in QCIL.

Cipla, which was operating through partnerships in overseas markets, is converting many of these into its own entities or majority subsidiaries so it will have a direct presence in manufacturing and sales in global markets. The acquisition of the additional stake in QCIL is part of this plan.

QCIL, a state-owned company formed under black empowerment law in Uganda, makes and sells anti-retroviral (for HIV and AIDS treatment) and anti-malarial pharmaceutical products. With Cipla gaining management control of the company, it will transfer many of its technology capabilities to QCIL to expand its production and sales focus to more therapeutic segments.

Cipla shares lost 1.41% on Thursday to close at Rs387.30 on BSE while the exchange's benchmark Sensex closed down 1.97% at 20,229.05 points.

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