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Elder Pharma to set up JV with Kose of Japan for manufacture of cosmetics in India

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India's Elder Pharmaceuticals Limited today said it had agreed to establish a joint venture (JV) with Japan's cosmetic giant Kose Corporation for manufacturing and selling cosmetics in India.

Kose will hold 60 per cent and Elder 40 per cent in the proposed joint venture, provisionally called Kose Elder (India) Pvt Ltd, a press release from Elder said,
 
Both the companies have, subject to fulfillment of certain terms and conditions, finalized terms and conditions of the JV contract. It stipulates that Kose will focus on the Indian market through the JV for manufacturing and selling cosmetics in India. 
 
“India is a developing consumer market with strong growth potential. Its population stands at 1.2 billion, second only to China’s, and forms a pyramid structure with young people at the base. 50% of the population of India consists of people within the age of 25 years. Women’s fashion is also diversifying, and tastes in cosmetics are changing dramatically. Elder has successfully established and run subsidiaries abroad and with alliance with Kose, Elder is foraying into its maiden joint venture arrangement in India with a Japanese company,” said Mr Alok  Saxena, Joint Managing Director , Elder Pharmaceuticals Limited.
 
“Elder’s thorough knowledge of local markets and strong sales network within India will be synergized with Kose's strengths of technological prowess and creation of high value added cosmetics through this joint venture. The aim is to develop new products assimilating Japan’s refined, advanced technology with the universal aesthetic demanded by the Indian woman, and to expand in the Indian market. Once the joint venture is established, the parties will consider the details of sharing tasks between the two companies and specifics such as sales channels, products, and brands for the Indian market." he added.
 
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