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February 24, 2001 		Feedback  
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AstraZeneca ups India unit stake to 51.5%

Anglo-Swedish drugs group AstraZeneca said on Friday it had become the majority owner of Indian company Astra-IDL with a 51.5 per cent stake through the purchase of 25.75 per cent of its shares for $18.5 million.

AstraZeneca, which owned 25.75 per cent of the company prior to the new acquisition, said it bought the stake in Astra-IDL from IDL Industries Ltd.

Authorities in India, the world's eleventh biggest market for pharmaceuticals, had approved the deal, AstraZeneca said in a statement, adding the Indian market was growing strongly.

"With the new arrangement AstraZeneca will increase its engagement in the Indian market by launching several new products in the next few years," the company said.

Astra-IDL's turnover was $27.6 million in 1999.

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