JL Morison (India) Ltd plans to enter into a strategic alliance with at least two Europe-based companies for marketing and distributing their products in India.
Raghu Mody, chairman, JL Morison (India), addressing a press conference after the company's annual general meeting today said, "We may also enter into a joint venture with the companies at a later stage." Initially, the foreign partner would be given a royalty. Mody said the product that would be marketed in India is a well-known brand and hence there is a market for the product. "It is an OTC product" said Mody.
The proposed joint venture would eventually manufacture the product in India. The company is also planning to launch a new product, NIVEA Soft which is an all-weather creme. The objective is to do away with the perception that NIVEA is a winter product. The product has been customised to suit south-east Asian, African, Chinese and Indian skin types and will be globally launched shortly. The international launch is part of the company's policy to have a globally identifiable product available all across the world. The company's sales and other income for the year 2000-01 stood at Rs 50.92 crore as compared to Rs 41.21 crore in the previous year.
Gross profit was at Rs 3.75 crore as against Rs 2.78 crore last year.
