Kilpest India's 3B BlackBio acquires 70% stake in HS Biolabs; stock climbs ~2%

29 Mar 2022 , 09:58 AM

Kilpest India Limited’s subsidiary M/s. 3B BlackBio Biotech India Limited, has completed the acquisition of a 70% equity stake in HS Biolabs Ltd., Manchester, United Kingdom.

Further, as part of the terms of the Joint Venture of the two companies, Mr. Dhirendra Dubey and Mr. Nikhil Kuber Dubey have been appointed as Directors in HS Biolabs Ltd.

Under the terms of the agreement, HS Biolabs will be rebranded as “TRUPCR Europe Limited”. The rebranding process has been initiated and shall be completed in some time.

The company has leased space for setting up separate facilities for R&D and production. The company is also building the necessary infrastructure and instrumentation which shall be completed soon. The recruitment process has also been started by the company.

The company further informed that it would be able to realize major success from this subsidiary and efforts in the form of increased export sales and R&D outcomes in the financial year 2022-23.

Kilpest India’s counter added 1.63% so far in today’s trade and was trading at Rs369.90 against its previous close of Rs363.95 on BSE. It opened at Rs369.95 and hit an intraday high of Rs378.25 and an intraday low of Rs368.10.