Nicholas Piramal in JV with Japan's Arkray to market blood glucose monitoring products
19 Dec 2007
Mumbai: Nicholas Piramal India Ltd has formed a joint venture with Japan's Arkray Inc to market diagnostic products in India.
Nicholas Piramal would invest Rs8 crore by spinning off its existing blood glucose monitoring systems business into the new joint venture.
The JV will market the existing products and also launch other blood glucose-monitoring equipment of the Japanese partner, NPIL said in a statement.
Nicholas Piramal will own 49 per cent and the Japanese firm would own the rest of the stake in the venture that will mainly distribute self-monitoring blood glucose systems.
The market for these products in India is estimated to be worth over Rs100 crore, with an annual growth rate of 20 per cent, the statement said.
Kyoto-based Arkray is a market leader in the self-monitoring blood glucose market in Japan with a big market share and its products are distributed in over 80 countries around the world, the statement added.