Cipla announced that its subsidiary in the Netherlands will invest up to 16.8 million euros to form a joint venture with its Iranian distributor Ahran Tejarat Company, reported Business Line.
According to the news source, the joint venture proposes to undertake manufacturing and marketing of pharmaceutical products in Iran.
"As per the agreement, Cipla Netherlands will hold a 75-percent stake in a joint venture company in Iran, while the joint-venture partner shall hold the remaining 25-percent stake,” Cipla said in a stock exchange filing.
The acquisition is expected to be completed by March 2017, subject to completion of precedent conditions and regulatory approvals.
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