Cipla Limited, a leading global pharmaceutical company, announced on Friday (November 17) that it has pledged a guarantee of ZAR 945 million to First Rand Bank in South Africa. The guarantee is intended to facilitate the extension of general banking facilities to Cipla's subsidiary, Medpro Pharma.
Cipla gives guarantee of ZAR 945 million to First Rand Bank, South Africa
Guarantee for extending general banking facilities to subsidiary Medpro Pharma pic.twitter.com/GRuQ07glWj— CNBC-TV18 (@CNBCTV18Live) November 17, 2023
Medpro Pharma, a vital component of Cipla's presence in the region, is engaged in the production and distribution of a wide range of pharmaceutical products.
This move is expected to enhance Medpro Pharma's access to necessary funds and resources, enabling the subsidiary to further expand its operations and contribute to the healthcare needs of the South African population.
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