Kilitch Drugs to Divest Ethiopian Unit for $14 Million

Kilitch Drugs (India) Limited announced a strategic divestment of its entire shareholding in its Ethiopian subsidiary, Kilitch Estro Biotech PLC (KEB), to HarmeeCare Pharmaceuticals for US$14 million. This move is part of the company's strategy to optimize its business portfolio, strengthen financial flexibility, and accelerate investments in its Indian pharmaceutical manufacturing operations. The net proceeds will be used for debt repayment, reducing finance costs, and expanding its new manufacturing facility in Pen, Maharashtra. The company plans to maintain a commercial presence in Ethiopia through a long-term supply and technical services agreement. The divestment is expected to be completed by January 31, 2027, subject to approvals.