Beauty and wellness chain VLCC Health Care and South Korea's biotechnology firm Caregen today announced a joint venture for selling the latter's range of products in India and some select countries.
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.
In that case, VLCC will manufacture the products to sell them at competitive prices in the respective countries, the statement said.
"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.
