HEMANT PARIKH
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STOCK ALERT ( 10 / 02 ) ( HEMANT )

Hemant Parikh at 09:06 AM - Feb 10, 2015 ( ) Views: 371

Cipla in focus on entering JV in Morocco with Cooper Pharma and PHI

 

Cipla after market hours yesterday, 9 February 2015 said that its wholly owned subsidiary, Cipla (EU), UK, has entered into a joint venture (JV) agreement with Cipla's existing business partners in Morocco – Societe Marocaine De Cooperation Pharmaceutique (Cooper Pharma) and the Pharmaceutical Institute (PHI). Cipla has established a strong presence in Morocco for over a decade via its business partners. This JV will enable Cipla to establish a front-end presence in Morocco's pharmaceutical market, becoming the launch vehicle for Cipla's portfolio while leveraging the commercial strengths of partners. The initial focus of the JV shall be respiratory and neurology products and it shall also invest in setting up a manufacturing facility in Morocco. As per the agreement, Cipla (EU) will hold 60% stake in the JV, while Cooper Pharma and PHI shall together hold 40% stake. Cipla (EU)'s expected investment in cash in the JV is estimated at up to $15 million, Cipla said in a statement. The transaction remains subject to conditions precedent and applicable regulatory approvals, Cipla added.


Commenting on the development, Mr Subhanu Saxena, MD & Global CEO, Cipla said, “Morocco is an attractive pharmaceutical market in the African continent. This JV is aimed to strengthen Cipla's presence in Morocco, which is in-line with our global growth strategy to build front-end presence in key markets. Cipla has enjoyed a long-standing business relationship with Cooper Pharma and PHI for over a decade and this JV will further strengthen Cipla's relationship”.


Adani Enterprises (AEL) after market hours yesterday, 9 February 2015 said that it has signed a memorandum of understanding (MoU) to jointly set up India's largest solar park of 10,000 megawatts (MW) in Rajasthan. AEL and Rajasthan Renewable Energy Corporation will form a joint venture to set up the solar park, which will include generation projects and a manufacturing unit for solar module, parts and equipment, AEL said in a statement.


Syndicate Bank after market hours yesterday, 9 February 2015 said that its board of directors will meet on 11 February 2015, for considering issuance of equity shares of the face value of Rs 10 each aggregating to Rs 460 crore by way of preferential allotment in favour of Government of India.


Mangalore Refinery and Petrochemicals (MRPL) after market hours yesterday, 9 February 2015 said that its board of directors at a meeting on 9 February 2015, approved for acquiring of major stake in ONGC Mangalore Petrochemicals (OMPL). MRPL was holding 3% of the paid up equity of OMPL, which has been increased to 46% by purchasing fully paid up equity shares from individual shareholders.


Ashoka Buildcon turns ex-dividend today, 10 February 2015, for interim dividend of 70 paise per share for the year ending 31 March 2015.


Kewal Kiran Clothing turns ex-dividend today, 10 February 2015, for third interim dividend of Rs 5 per share for the year ending 31 March 2015.


LKP Finance turns ex-dividend today, 10 February 2015, for interim dividend of Rs 10 per share for the year ending 31 March 2015.


Sundaram Finance turns ex-dividend today, 10 February 2015, for interim dividend of Rs 4.50 per share for the year ending 31 March 2015.


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