Plethico Pharmaceuticals, a leading worldwide pharmaceutical conglomerate, has announced that it has decided to take over 20 percent stake in arm of Tricon Holdings, a leading pharma retail company with sourcing base in the UAE.

Under the conditions of the proposed pact, 20% of the outstanding stocks would be purchased in the arm for a cash of US$ 20 million.

The company is also having a robust emphasis on herbal and neutraceutical segments.

While commenting on the plans, Mr. Chirag Patel, chief executive officer (CEO) and whole time director of Plethico, stated “We are pleased to announce this acquisition, which will help Plethico to further consolidate its position in the commonwealth of Independent States (CIS) market. The acquisition brings under our fold a strong presence in CIS Retail Pharmacy.”

The company officials said that CIS is largely a credit hungry market and the only `near cash` business in CIS, in its presence is, retail pharmacy, and hence its long standing desire of owing a share in the CIS retail pharmacy has been fulfilled.

Scrip of Plethico Pharmaceuticals ended with a gain of 1.89 percent at Rs 115 on Bombay Stock Exchange (BSE). The total volume of shares traded was 839 at the BSE.