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New Delhi, Oct 23 (PTI) Pharmaceutical firm Kilitch Drugs (India) Ltd on Friday said it will divest its entire shareholding in Ethiopian subsidiary Kilitch Estro Biotech Plc to state-owned enterprise HarmeeCare Pharmaceuticals for USD 14 million (about Rs 116 crore).
The transaction, which has been approved by the board, is expected to be completed by January 31, 2027, subject to shareholder and regulatory approvals, the company said in a statement.
Kilitch Drugs plans to use the net proceeds to repay debt, reduce finance costs, and fund the phased expansion of its new manufacturing unit at Pen in Maharashtra.
The Pen facility will produce liquid injectables, freeze-dried vials, ophthalmic eye drops, and develop GLP-1 therapies to tap into the segment
as international patents expire, as per the statement.
The company will also maintain its presence in Ethiopia via a proposed long-term supply and technical services agreement with HarmeeCare Pharmaceuticals.
Whole-Time Director Bhavin Mehta said the divestment will unlock capital, strengthen the balance sheet, and accelerate domestic expansion plans in high-potential segments like GLP-1. PTI TRB HVA
