Drug firm Strides Arcolab today said French development financing institution Proparco has invested USD 12.50 million (nearly Rs 70 crore) to buy 20% stake in the company's African arm.
"Proparco has invested USD 12.50 million in the form of equity participation for a 20% stake in Strides' African front-end arm, valuing the African operations at about USD 60 million," Strides Arcolab said in a statement.
The proceeds will be used to create additional manufacturing infrastructure in key African markets, it added.
Strides Africa operations CEO Sinhue Noronha said: "Africa is the most attractive business opportunity of tomorrow...creation of additional manufacturing infrastructure will also provide large employment opportunities and economic growth to all associated with the Strides' African Business".
The company makes and markets a wide range of life-saving antibiotics, lifestyle disease related curatives, nutrition and relief providing formulations in Africa.
Shares of Strides Arcolab were trading at Rs 740 apiece in the afternoon on the BSE, down 1.63% from the previous close.
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