The business will be run under a 50:50 JV company named VLCC Caregen Pvt Ltd, VLCC said in a statement.
The joint venture will sell Caregen's range of cosmeceutical brands such as Dermaheal and Renokin brands in 25 countries in Asia, North Africa and East Africa, it added.
Under the agreement, VLCC and Caregen will also share technological resources, if the Korean firm decides to use VLCC's manufacturing facilities.
"With our tie-up with Caregen, we are bringing the best of Korean technology to our customers," VLCC Group Chairman Mukesh Luthra said.
Caregen's products and solutions will complement and enhance VLCC's existing portfolio, which comprises of products from India, Malaysia, Singapore and Switzerland, he added.