Cipla, a leading drugmaker, announced Tuesday the board of directors approved an investment by Fidelity Growth Partners India and US-based Fidelity Biosciences, through FIL Capital Investments (Mauritius) II or its affiliates, in its recently launched consumer healthcare business which is under incorporation. The investment is subject to execution of definitive agreements, and regulatory approvals.

Through Cipla Consumer Healthcare, the company has entered the rapidly growing over-the-counter (OTC) healthcare market in India. "The vision is to improve the lives of Indian consumers, building on Cipla's strengths in bringing good science to good medicine, while also leveraging its market outreach and equity with the Indian healthcare system."

"The idea is to leverage Cipla R&D and innovation platform to provide innovative solutions to meet the unmet needs of the Indian consumer. The business will focus on opportunities arising from the shift from illness to wellness and self-care," the company said.

Shares of the company gained Rs 13.75, or 2.07%, to trade at Rs 677.65. The total volume of shares traded was 25,586 at the BSE (10.51 a.m., Wednesday).