MUMBAI: Elder PharmaceuticalsBSE 1.19 % will be investing Rs 15-20 crore over the next two-three years for its foray into cosmetics manufacturing, an official has said.
"We are looking at investment of Rs 15-20 crore over the next two three years for marketing and manufacturing of cosmetics," said Elder Pharmaceuticals joint managing director Alok Saxena.
The company plans to manufacture cosmetics at its existing plant in Paonta Sahib in Himachal Pardesh. Elder Pharma has recently entered into an agreement with Japan's Kose Corporation to form a JV company to manufacture and sell cosmetics in the market.
The agreement stipulates that Kose will focus on the Indian market through the JV for manufacturing and selling cosmetics in India. Kose will hold 60% and Elder the 40% in the proposed JV.
"The Himachal Pardesh plant will be used for making cosmetics products because we will be following the same manufacturing norms as we do for pharmaceutical products," he said.