Financial Daily from THE HINDU group of publications
Wednesday, Nov 19, 2003
Financial Daily from THE HINDU group of publications Wednesday, Nov 19, 2003 |
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Corporate
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Alliances & Joint Ventures Nandan Agro, Swiss co to float joint venture Our Bureau
Hyderabad , Nov. 18 NANDAN Agro Farms Pvt Ltd, a herbal products company, has forged a strategic alliance with Spearhead Sarl of Switzerland, engaged in trading, manufacturing and marketing of natural food products and cosmetics. As per the alliance, the two companies would float a 50:50 joint venture holding company called Spearhead Natural Products Ltd (SNPL). It would be entrusted with the responsibility of carrying on the herbal products business in India and abroad. Apart from marketing herbal products, SNPL would also establish an extraction plant in India. The Managing Director of Spearhead, Mr Rajiv Goel, told newspersons here on Tuesday that the new holding company, in the first phase, would start selling a herbal drink and a capsule from January next year. Spearhead has manufacturing facilities of natural food products and cosmetics in Switzerland and the United Arab Emirates and its annual turnover was 50 million Swiss Francs. The Director of Nandan Agro, Mr B. Jaya Kumar, said that the company was able to create an array of commercially potential herbal formulations ready to be released in the market. These included "Bio-Rhythm", a Safed Musli-based formulation developed at the company's R&D facility here. Mr Kumar said that the alliance with Spearhead would help in globalisation of Nandan's operations. The company's activities encompassed cultivation of medicinal plants, processing, extraction, value-addition, manufacturing and trading of herbal products. It was currently working on 143 varieties of herbs and was responsible for cultivation of medicinal plants in about 5,000 acres. Mr Chandra Prakash, Deputy Director of the Andhra Pradesh Horticulture Department, said the Statetargeted to cover an additional 1000 hectares with medicinal plants and also to establish 70 distillation plants this year.
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