Labindia, PerkinElmer sign JV

PerkinElmer, the US-based $1.5 billion biopharma, environmental and chemical, and genetic screening instruments major, on Tuesday announced its joint venture agreement with Labindia Instruments.

While PerkinElmer will hold 51 per cent equity stake in the newly formed company""PerkinElmer India Pvt Ltd, Labindia Instruments will hold the balance.

India represents a key market for a number of PerkinElmer businesses including biopharma, environmental and chemical, and genetic screening.

Currently, the Life and Analytical Sciences market within India is estimated to be nearing $150 million.

"The partnership will provide the basis for a strong growth for PerkinElmer. PerkinElmer India will harness the combined strengths of both companies," David Spaight, vice president global sales and Marcom said.