Mumbai, Aug. 28 -- Cupid announced that its Board of Directors has accorded in-principle approval for the establishment of a manufacturing venture in South Africa with a South African partner.

The proposed venture envisages the establishment of a suitable entity and manufacturing facility in South Africa for the manufacture, processing, testing, packaging, marketing and supply of male condoms and related products.

Under the proposed structure, Cupid is expected to hold up to 49% of the equity share capital, while the South African partner and/or its qualifying local shareholders would hold at least 51% and retain control, in line with

applicable South African ownership, localisation, transformation, procurement and tender requirements....