New Delhi: Drug major Cipla has transferred its consumer healthcare business to its arm Cipla Health Ltd.
“The company’s consumer healthcare business has been transferred to Cipla Health Ltd, subsidiary of the company, with effect from the close of business hours on February 29, 2016,” Cipla said in a filing to BSE.
Earlier in December 2015, Cipla’s board had approved the transfer of its consumer healthcare business to Cipla Health Ltd for a total consideration of Rs 16 crore.
Cipla Health was incorporated on August 27, 2015 to focus on the consumer healthcare space.
The transfer of the consumer healthcare business to Cipla Health will enable the Mumbai-based firm to participate in the attractive and growing over-the-counter market.
“This business requires a specialised FMCG kind of focus, and a separate subsidiary would enable the company to attract the right talent and provide the focus and attention required for this business,” the company had said.