Johannesburg - Pharmaceutical firm Adcock Ingram will dispose of its loss-making Indian unit, the company said in a statement on Wednesday.
Adcock Ingram bought unlisted Cosme Farma Laboratories for R822m ($62.76m) in 2013, but has had to write down its value by R278m last year and a further R74.4m this year, saying significant additional investment was needed to compete effectively in the Indian pharmaceutical market.
"While there is no certainty on the short-term sale prospects, nor the extent of any sale proceeds likely to be received, management will continue to manage the business as before," the company said.