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April 2, 2001
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Money > Business Headlines > Report April 2, 2001 |
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Haw Par picks 60% in Elder Health ventureRajesh Unnikrishnan Global pharmaceutical major Haw Par Health Care has picked up a 60 per cent stake in a joint venture floated by Elder Health Care and a US-based non-resident Indian (NRI). Haw Par is the manufacturer of pain reliever Tiger Balm, while Elder Health Care is an associate company of Elder Pharmaceuticals. Jagdish Saxena, managing director, Elder Health Care, said: "Haw Par has taken a 60 per cent stake in the venture for Rs 3 crore. Elder has a 26 per cent stake in the venture, while the rest is vested with the US-based NRI Sat Pal Khattar". The name of the joint venture company will be Haw Par Elder India. According to Saxena, Elder will invest around Rs 10 million in the venture and the estimated cost of the project is more than Rs 50 million. The new venture would utilise the existing facilities of Elder Pharmaceuticals for the production of pain balms and the range of health care products. A formal nod for the joint venture from the government has been received. The venture would also help in introducing a few more product variants of Haw Par at a later stage, which will also generate exports. Tiger Balm, which was licensed to Elder for the last three years by Haw Par, contributed around Rs 80 million to its turnover. It is estimated that the joint venture would be able to reach a turnover of Rs 250 million on account of better focus and a greater marketing thrust. Elder officials said the company has also decided to make a foray into anti-hypertensives. The company has initiated talks with Tanave Siyeu of Japan for a manufacturing and marketing alliance for this purpose. Once the companies ink the deal, Elder will import raw material from Tanave to manufacture the formulations and will use its own manufacturing facilities for production.
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