Drug firm Cipla said today its joint venture pact with Iranian firm Ahran Tejarat Company has been terminated.
The JV agreement between company's wholly-owned subsidiary in Netherlnads, Cipla Holding BV, with Ahran Tejarat Company stipulated all regulatory approvals had to be obtained on or before March 29, 2017, Cipla said in a filing to BSE.
"The JV agreement had lapsed as the condition was not met and has been terminated by the mutual consent of the parties", it added.
Cipla had announced in December 2016, that Cipla Holding BV had entered into a JV agreement with Ahran Tejarat Company. As part of the pact, Cipla Netherlands was to hold a 75 per cent stake in JV firm in Iran while the JV partner was to hold the remaining 25 per cent.
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