Russia invites Indian pharma firms for JVs

Russia on Tuesday invited Indian pharmaceutical companies to set up joint ventures in the country. Russian Deputy Prime Minister Sergei Sobyanin during his meeting with Commerce and Industry Minister Anand Sharma said Russian pharma firms were keen to increase their engagements with Indian companies including setting up joint ventures.

Sharma said, "Our pharma sector companies are already engaged with Russia and more and more companies are looking forward to having joint ventures with Russian counterparts." Dr Reddy's and Ranbaxy are among some of the major Indian firms that have a presence in Russia.

Over the years, Russia with a large population and hefty spending on healthcare has emerged as one of the favourite destinations for Indian pharmaceutical firms. Sharma and Sobyanin also discussed ways to enhance cooperation in defence, space, metallurgy and fertilisers.

India also expressed its desire to enter long-term supply contract for rough diamonds from Russia.

A delegation of Alrosa, Russia-based diamond production company, is expected to visit India soon. The two-way trade between India and Russia during April-December 2009 was $2.18 billion.

The visit of Sobyanin assumes significance as Russian Prime Minister Vladimir Putin is expected to visit India in March.