Mumbai (Maharashtra) [India], July 16 (ANI): Global pharmaceutical company Cipla announced a joint venture of its European subsidiary with Shanghai-based Jiangsu Acebright Pharmaceutical for manufacturing respiratory products in China.

The joint venture company will be in the business of manufacturing, selling and distribution of pharmaceutical products, research and development services, analytical development services with the purpose of providing high quality and affordable drugs.

"As per the agreement, Cipla EU will hold 80 per cent stake and Acebright will hold 20 per cent stake in the joint venture company. Cipla EU's investment is estimated up to 24 million dollars over a period of four years," the company said in a statement.

"The joint venture company will become a related party upon incorporation and first tranche of investment. Any investments in joint venture company will be a related party transaction. None of the persons belonging to promoter or the promoter group of the company has any interest in the transaction," it added.

Cipla has presence in the United States and South Africa. The company is ranked ninth largest company by number of prescription in the US market. (ANI)