 "joint venture, mergers")
Nestle India and Dr Reddy's Laboratories Ltd on Thursday announced that they have entered into a definitive agreement to form a joint venture to bring innovative nutraceutical brands to consumers in India and other agreed territories.
A joint press release from the companies said the partnership will bring together the well-known global range of nutritional health solutions as well as vitamins, minerals, herbals and supplements of Nestle Health Science (NHSc) with the strong and established commercial strengths of Dr Reddy's in India.
The move will help JV partners combine their strengths and grow their complementary nutraceuticals portfolios in categories such as metabolic, hospital nutrition, general wellness , women's health and child nutrition for consumers across India, it said.
Select brands will be licensed by the respective companies to the JV company. The Nestl Group will licence brands such as Nature's Bounty, Osteo Bi-Flex, Ester-C, Resource High Protein, Optifast, Resource Diabetic, Peptamen, Resource Renal and Resource Dialysis.
Dr Reddy's will license brands such as Rebalanz, Celevida, Antoxid, Kidrich-D3, Becozinc in the nutrition, and OTC ( over the counter) segments.
The JV company is expected to become operational in Q2 of FY'25.
Suresh Narayanan, Chairman and Managing Director, Nestl India said, "Dr. Reddy's is a trusted name in the pharmaceutical space and shares our commitment to provide access to high quality products. This joint venture will enable us to build a robust retail and distribution network to take our brands closer to consumers and making a meaningful difference to improve the quality of life."
M V Ramana, CEO Branded Markets (India & Emerging Markets), Dr. Reddy's said, "This joint venture is a novel approach by two companies that have a shared purpose of good health. We are pleased to partner with Nestl India to bring innovations from the Nestl Health Science global portfolio to consumers in India. This novel approach of leveraging mutually complementary strengths of both parent companies will enable better access and affordability for consumers.
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