Nestle India Ltd. and Dr Reddy's Laboratories Ltd. have announced the formation of a joint venture, which will be called Dr. Reddy's and Nestlé Health Science Ltd.
Nestle will hold 49% equity in Dr. Reddy's Nutraceuticals Ltd., an erstwhile subsidiary of Dr. Reddy's Laboratories, with the rest owned by the latter, it said in an exchange filing. The newly formed company will comprise 1,00,000 shares with a face value of Rs 10.
The company was incorporated on March 13 with a paid-up share capital of Rs 10,00,000.
The partnership was reportedly made to combine the established reputed range of nutritional products (including vitamins, minerals and health supplements) of Nestlé Health Science with the nutraceuticals portfolios and established market share of Dr. Reddy's Laboratories in India.
Shares of Nestle fell over 1.18% to trade at Rs 2,581.55 apiece, as compared to a 0.27% fall in the NSE Nifty 50. Shares of Dr. Reddy's Laboratories fell over 0.69% to trade at Rs 6,864.80 apiece, as against a 0.27% decline in the NSE Nifty 50.
Watch LIVE TV, Get Stock Market Updates, Top Business, IPO and Latest News on NDTV Profit.
