INDIA – Pharma company Cipla has agreed to acquire an additional stake for nearly Rs 26 crore (US$3.3 million) in digital tech company GoApptiv Private to raise its shareholding to 22.02 per cent, the company said.
The drug major said that the investment will be made in equity shares and compulsorily convertible preference shares and is likely to be completed within 30 days or such other date mutually agreed between the parties and shall be subject to fulfillment of necessary closing conditions.
In an exchange filing, Cipla said that the follow-on investment shall strengthen firm’s partnership with GoApptiv, enabling wider reach of its key brands in the tier 3+ towns through GoApptiv’s solutions for end-to-end brand marketing and channel engagement.
The company’s earlier investment in GoApptiv in June 2020 has yielded growth and expanded Cipla’s channel reach across lower tier towns in India, the company stated.
The new capital shall support GoApptiv’s future growth plans and enable it to provide comprehensive solutions to its customers thereby benefitting the patients.
Umang Vohra, MD and Global CEO, Cipla Limited, said, “This investment will further strengthen our partnership with GoApptiv enabling wider patient reach with affordable and quality drugs and end-to-end brand marketing and channel engagement across tier 2-6 towns in India.
“Caring for Life’ is at the heart of what we do and will guide us towards making such strategic investments to help make a difference in the lives of our patients.”
GoApptiv is a digital tech company engaged in the business of offering digital solutions to pharmaceutical companies for increasing patient reach.
It offers end to end business solutions including distribution, digital solutions, integrated brand sales management, digital marketing, patient support and healthcare data analytics, channel engagement among others for healthcare companies.
Cipla invests in green energy
Meanwhile, Cipla announced the commercial operation of additional capacity of captive renewable energy power plant in Maharashtra & Karnataka.
In January 2021, Cipla had commissioned 30 MWp solar project at Tuljapur, and has now further added 16 MWp of solar capacity for supplying the renewable energy for its manufacturing units/ facilities in Maharashtra.
These projects have been commissioned in partnership with AMP Energy India and is one of the largest solar open access projects in the state set up by a corporate. This project is a big step forward achieving its ESG goal to achieve carbon neutrality by 2025.
The project will support the company’s green energy requirements for its manufacturing units at Kurkumbh & Patalganga and R&D center at Vikhroli in Maharashtra, replacing around 70% of total consumption for these units with green energy.
The Karnataka wind-solar hybrid captive power plant with a capacity of 9 MWp solar + 2.7 megavolt-amperes (MVA) of wind has been commissioned in partnership with CleanMax Enviro Energy Solutions.
This project will help in migrating 85% of power required to renewable sources for the company’s manufacturing units in Karnataka, the company stated.