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Nithya Subramanian
Ambarish Mukherjee

New Delhi, Jan. 13

INDIA has become an attractive destination for large pharmaceutical companies.

Merck & Co is setting up a wholly-owned subsidiary through its overseas subsidiaries - Merck Sharp & Dohme BV, Netherlands - investing 99.99 per cent and Merck Sharp & Dohme Finance BV Netherlands holding the rest.

The US-based company will make investments of $15 million during the first five years. The company will import pharmaceutical products for sale in the country, manufacture and sell products in the domestic markets and sources raw materials and intermediaries from India for its global operations.

Besides this, it would also conduct clinical research in India as well as source information technology services for its global operations.

Merck & Co would also evaluate strategic downstream investment in Indian companies in related fields of operations. This is a second coming for the company. Earlier, it had a 50:50 joint venture with Tata Sons called Merind Ltd.

In 1986, Merck decided to wind up its operations in the country by selling its stake to Tata Sons.

Merind continued selling the products of Merck till 1994. Subsequently, Tata Sons sold their stake to Wockhardt. Currently, Merind is a division under Wockhardt.

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