Cipla to set up manufacturing facility in Iran

Drug manufacturer Cipla has signed an agreement with its distributor in Iran to set up a manufacturing unit there. Cipla is expected to contribute machinery, equipment and technical knowledge worth Rs. 225 cr over thethe next 3 years in return for a 75% stake. The investment is yet to receive the necessary regulatory approvals. The Iranian venture is a part of Cipla’s strategy to expand to other Asian countries

Cipla is an Indian company that was established in 1935 in Mumbai. It sells over 2,000 products in 180 countries around the world. It has a turnover of US $1.5 bn and employed 26,000 persons as of 2012-13.

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Categories: Economy & Banking Current Affairs