Elder Pharmaceuticals has formed a joint venture with Kose Corp of Japan for the manufacturing and sale of cosmetic products in India. Kose would hold 60% majority in the venture through its wholly owned subsidiary Kose Elder India Pvt Ltd while the Indian pharmaceuticals giant would retain the remaining 40%.
According to Elder Pharma Joint Managing Director Alok Saxena, "Kose products will be produced in the existing plant of Elder Pharmaceuticals in Paonta Sahib in Himachal Pradesh. The initial investment could run into couple of million of dollars. We have not finalized business plan as yet, but we are looking at giving them complete support of manufacturing and distribution in Indian market." He added that the project is expected to go online in the next three months.
The JV would be manufacturing all kinds of skin care products, such as creams, lotions and ointments. Kose is currently one of the leading cosmetic corporations in Japan.
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