Pharma firm Cipla on Sunday said it plans to sell its animal health business in South Africa and Sub-Saharan Africa for a consideration of about Rs 191 crore.
The company has entered into agreements through its wholly-owned subsidiary Inyanga Trading 386 Proprietary, with the group companies of Ascendis Health. Under the agreements, Cipla will divest its 100% stake in Cipla Agrimed Proprietary South Africa and Cipla Vet Proprietary, South Africa.
Ascendis Health is a health and care brands company operating in human, plant and animal health domains, while Cipla Agrimed operates in the farm animals segment, with sales mainly to agricultural cooperatives and bulk farm purchasing organisations.
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