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As a part of the transaction, of the total investment, $2.2 million (nearly Rs 15 crore) will be fresh infusion into the firm to accelerate growth.
Drug firm SeQuent Scientific has said its subsidiary Alivira Animal Health will acquire 70% stake in Interchange Industria e Comercio de Productos Veterinarios SA Brazil for $3.6 million (nearly Rs 24 crore) to foray into the Brazil's market.
"Alivira Animal Health has signed a definitive agreement to acquire controlling interest (70% stake) in Interchange Industria e Comercio de Productos Veterinarios SA Brazil (Interchange Brazil)," SeQuent Scientific said in a BSE filing.
"As part of the transaction, Alivira will invest $3.6 million (nearly Rs 24 crore) to acquire a 70% stake in the company, of which $2.2 million (nearly Rs 15 crore) would be fresh infusion into the company to accelerate growth."
The acquisition will be made through a step-down subsidiary in Brazil of Alivira Ireland, a wholly-owned subsidiary of the company.
The transaction is expected to close in the current quarter and subject to customary closing conditions and approval of the competent courts in Brazil.
Listing of benefits of the acquisition, SeQuent Scientific said Interchange Brazil has a portfolio of over 25 registered products consisting of anti-microbials, parasiticides, sanitisers and products for the therapeutic support and it registered sales of $5.8 million (nearly Rs 39 crore) in 2015.
Last year, Alivira Animal Health completed the acquisition of animal health business of Lyka Exports.