Drug maker Quality Chemical Industries Limited has officially changed its name to Cipla Quality Chemical Industries Limited (CiplaQCIL), according to the company’s media statement. India’s Cipla now owns a 51.05 per cent stake in the company.
“While our name has changed, our legal status and contact details will remain the same,” the statement said.
“The company’s business remains unaffected by this change. All contracts with existing customers will remain unaltered, with corresponding obligations and rights assumed under the new name.”
At the point of sale, the company promised it would start to manufacture new types of drugs, in addition to ARVs and antimalarials. Nevin Bradford, the CEO of CiplaQCIL, said: “The identity transformation is part of the changes agreed on following Cipla’s increased shareholding in the company.”
Source : The Observer