Mumbai: Elder Pharmaceutical Ltd has bought 51 per cent stake in Biomeda Group of Bulgaria in an all-cash deal worth €5 million (about Rs 28 crore). The deal comes a little over a month after Elder acquired 20 per cent equity in London-based Neutra Health Plc. Biomeda is among Bulgaria''s top 10 distributors and manufacturers, with a turnover of €10-12 million. Elder is gradually increasing its geographic spread across the globe, with an acquisition in Africa (Ghana), marketing offices in South-East Asia and the recent developments in Europe. Elder got attracted to Bulgarian market for skilled labour; it has an advantage in terms of lower labour cost compared to other European countries. It offers a competitive tax regime corporate profit tax and VAT are among the lowest in Central and Eastern Europe and low production costs.
Source : www.indian-commodity.com
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