Cipla’s wholly owned subsidiary - Goldencross Pharma has completed the sale of its 100% equity stake in Four M Propack, India (Four M Propack) to Shriji Polymers (India) (Shriji Polymers). Consequently, Four M Propack ceases to be a subsidiary of GoldenCross with effect from February 01, 2017.
Earlier in January, Goldencross Pharma had entered in to a definitive agreement to sell its 100% equity stake in Four M Propack to Shriji Polymers for a consideration of Rs 13.5 crore and an additional sum derived on the basis of the value of mutual funds, cash and bank balance, tax refunds, etc. at the time of closing estimated at around Rs 5.7 crore.
Cipla is a global pharmaceutical company which uses cutting edge technology and innovation to meet the everyday needs of all patients. For 80 years, Cipla has emerged as one of the most respected pharmaceutical names in India as well as across more than 100 countries.