Johannesburg: South African pharmaceutical firm Adcock Ingram will dispose of its loss-making Indian unit, the company said in a statement on Wednesday.
Adcock Ingram bought unlisted Cosme Farma Laboratories for 822 million rand ($62.76 million) in 2013, but has had to write down its value by 278 million rand last year and a further 74.4 million rand this year, saying significant additional investment was needed to compete effectively in the Indian pharmaceutical market.
"While there is no certainty on the short-term sale prospects, nor the extent of any sale proceeds likely to be received, management will continue to manage the business as before," the company said.
($1 = 13.0985 rand)
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