South Africa's Adcock Ingram to sell loss-making Indian unit - CNBC Africa

South Africa's Adcock Ingram to sell loss-making Indian unit

Southern Africa

by Reuters 0

South Africa's Adcock Ingram to sell loss-making Indian unit. PHOTO: Adcock

South African pharmaceutical firm Adcock Ingram will dispose of its loss-making Indian unit, the company said in a statement on Wednesday.

Adcock Ingram bought unlisted Cosme Pharma for 822 million rand ($62.76 million) in 2013, but has had to write down its value by 278 million rand last year and a further 74.4 million rand this year, saying significant additional investment was needed to compete effectively in the Indian pharmaceutical market.

"While there is no certainty on the short term sale prospects, nor the extent of any sale proceeds likely to be received, management will continue to manage the business as before," the company said.

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