Elder Pharmaceuticals will be investing about Rs 15-20 crore over the next two-three years for marketing and manufacturing of cosmetics. The company plans to manufacture cosmetics at its existing plant in Paonta Sahib in Himachal Pardesh which is also making pharmaceutical products.
The pharma major has recently entered into an agreement with Japan's Kose Corporation to form a 40:60 JV company ‘Kose Elder (India)’ to manufacture and sell cosmetics in the market. Through this JV, Kose will focus on the Indian market for manufacturing and selling cosmetics in India.
The cosmetics manufacturing is an altogether different area for the company and is looking at both the mass segment and the prestige segments. All the products are intended to be ‘Made in India’ products.
