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Rediff.com  » Business » Nuga Medicals plans JV with India partner

Nuga Medicals plans JV with India partner

By C H Unnikrishnan in Mumbai
May 19, 2006 11:42 IST
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The $30-billion Korean healthcare and medical equipment major Nuga Medicals Company plans to float a joint venture company in India with Mumbai-based Nuga Best Therapy -- its current marketing partner in the country.

The Korean multinational recently signed a marketing collaboration with Nuga Best Therapy for introducing its global brands in India.

By floating the Indian joint venture, Nuga Medicals may also look into the possibilities of setting up its second manufacturing facility outside Korea, in India.

Nuga Medicals with presence in almost 20 countries, including Australia, Brazil, Canada, the US, the UK and Russia, has its main manufacturing plant at Gyeonggi-Do in South Korea and has another facility in China.

Sandip Desai, chief operating officer, Nuga Best Therapy, said, "Nuga Medicals is looking at India as a fast-emerging market and is keen to set up its shop here. We are in talks with the Korean company to jointly open the Indian arm and once the market grows as expected, we may have a production facility as well in the country."

However, Desai declined to comment on the financial details saying "it is too early to talk about the exact investment that the company will put in the Indian JV".

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C H Unnikrishnan in Mumbai
Source: source
 

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