The company, through Astra Pharmaceuticals, AB, Sweden, paid about $18.5 m (Rs.670 per share) to acquire the entire 25.75 per cent shareholding of IDL Industries Ltd (IDL) in Astra-IDL Ltd (A-IDL), taking its stake in the company to 51.5 per cent.

The sale and purchase has received all applicable Indian regulatory approvals.

A-IDL manufactures and markets a range of cardiovascular, inhalation, cough, anaesthetics and maternal healthcare products and in 1999 had a turnover of $27.6m. The business has 840 employees, of which 410 are employed in sales and marketing.

Previously, each of Astra Sweden and IDL Ltd had a 25.75 per cent shareholding in A-IDL, which was jointly promoted by them since the early 1980s.

India is the 11th largest pharmaceuticals market in the world. It is growing strongly and India has committed to the recognition of Intellectual Property rights. Through the new arrangement, AstraZeneca will become increasingly involved in the Indian market through the launch over the next few years of some of its newer products.