Business Daily from THE HINDU group of publications
Friday, Aug 31, 2007
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Business Daily from THE HINDU group of publications Friday, Aug 31, 2007 ePaper |
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Marketing
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Channels and Franchises Corporate - New Projects Grupo Omnilife plans India subsidiary
Moumita Bakshi Chatterjee New Delhi, Aug 30 Mexican nutritional supplement company Grupo Omnilife SA de CV is proposing to establish 100 per cent subsidiary in India to initially market, and subsequently manufacture proprietary nutritional food supplements and cosmetic products in the country. Distribution network
The proposed subsidiary Omnilife India would set up a distribution network by appointing independent distributors to sell its products directly to customers. This means that the company would not market its products through retail market channels such as departmental stores. The company plans to pay compensation to its distributor on basis of actual sales. Grupo Omnilife’s proposal to invest Rs 21 crore into the subsidiary over the next three years, is slated to come up for discussion at the meeting of Foreign Investment Promotion Board on Friday, sources said. To import initially
“The company plans to import proprietary nutritional food supplements and cosmetic products into India for a period of two years and thereafter commence manufacturing of these products in the country,” sources said. While Grupo Omnilife would hold 99 per cent stake in Omnilife India, about 1 per cent stake would be held by nominee Mr Jorge Carlos Vergara Madrigal, who is also the founder of the company.
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