JB Chemicals to set-up wholly owned subsidiary in Russia

JB Chemicals & Pharmaceuticals Ltd (JBCPL) will set-up a wholly owned subsidiary, called Unique Pharmaceuticals Laboratories, in Moscow at an initial investment of $3 million.

Exports to Russia and the CIS states account for almost 45 per cent of the company''s turnover of Rs370 crore. JB Chemicals feels that a subsidiary in the region would enable it to tap the $5.5 billion (at retail prices) Russian pharmaceutical market more aggressively.

According to D B Mody, director, JBCPL, "The company plans to grow its market share in Russia and CIS countries and maintain its leadership position with introduction of new products and novel technologies in much wider therapeutic fields in near future."