Elder Pharmaceuticals Ltd has entered into an alliance with US-based Blistex Inc to manufacture and introduce the latter's entire range of lip care products in India.
Elder decided to foray this sub-segment after 15 months of research which showed a healthy potential for lip care products in the country, the company informed the Bombay Stock Exchange on Friday.
Blistex products would be manufactured at Elder's Nerul facility and marketed on a national scale and the company expects to capture 30-35 per cent market share of the Indian lip care market in coming three years, it added.