BRIEF-India's Cipla says subsidiary buys stake in Quality Chemical for $15 mln

Thu Nov 21, 2013 3:00am EST

Nov 21 (Reuters) - Cipla Ltd : * Says subsidiary of co has acquired additional 14.5 percent stake in quality

chemical industries ltd for $15 million * Source text: Cipla Ltd has informed BSE that Meditab Holdings Limited ("MHL"), a wholly owned step down subsidiary of the Company, has acquired an additional 14.5% stake in Quality Chemical Industries Limited ("QCIL"), Uganda for a consideration of USD 15 million. QCIL's principal activity is manufacturing and selling of pharmaceutical drugs with emphasis on anti-retroviral (ARV's) and anti-malarial drugs. QCIL has a WHO approved manufacturing facility in Uganda. MHL was earlier holding 36.55% stake in QCIL. Consequent to the acquisition of aforesaid additional stake, MHL now holds 51.05% stake in QCIL. * Further company coverage