Cipla signs agreement to set up a manufacturing unit in Iran.

Drug major Cipla has signed an agreement with its Iranian distributor for setting up a manufacturing unit in that country.

'The company has signed a definitive agreement with its existing Iranian distributor for setting up a manufacturing facility in Iran,' Cipla said in a filing to BSE.

Total contribution from the Indian company over the next 3 years will include machinery, equipment, technical know-how and is expected to be around Rs. 225 crore for a 75 per cent stake, it added.

The proposed investment is subject to completion of certain conditions and applicable regulatory approvals, Cipla said.

Established in 1935, Cipla currently has over 2,000 products with presence in more then 170 countries.


ET