South Africa's Adcock Ingram sells Indian unit for $22 mln

April 6, 2016 10:31 AM

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JOHANNESBURG, April 6 South African drugmaker Adcock Ingram said on Wednesday it sold its Indian unit for 336 million rand ($22 million) to a private equity firm, after the Bangalore-based business suffered two write downs since 2013.

Adcock said in August it would sell the loss-making Indian unit Cosme Farma Laboratories to focus on its South African home market, saying significant additional investment was needed to compete in the pharmaceutical market in India.

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