India, Oct. 23 -- Kilitch Drugs (India), a pharmaceutical company specialising in the manufacturing and distribution of high-quality parenteral formulations, oral solid dosage forms and effervescent products, has announced strategic divestment of its entire shareholding in its Ethiopian subsidiary, Kilitch Estro Biotech PLC (KEB), to HarmeeCare Pharmaceuticals, an Ethiopian state-owned enterprise, in a transaction valued at $14 million.

The proposed transaction, approved by the company's Board of Directors forms part of Kilitch Drugs' broader strategy to optimise its business portfolio, strengthen financial flexibility and accelerate investments in its pharmaceutical manufacturing operations in India.

The divestment will enable capital ...