Dr Reddy’s Laboratories’ board of directors has approved incorporation of a wholly-owned subsidiary for nutraceuticals, vitamins, minerals, herbals and supplements, the Hyderabad-based pharma company on September 28.
The company told the exchanges that the wholly owned subsidiary would focus on “health and wellbeing”, which would business related to medical nutrition, specialised nutrition, supplements and related foods or drugs.
Dr Reddy's was looking to enhance its presence in various emerging segments like nutraceuticals, the company said in its 2022-23 annual report.
"We are exploring business spaces that we think will shape the healthcare of the future. These include deepening our presence in nutraceuticals, cell and gene therapy and new chemical entities (NCEs)," chairman K Satish Reddy said in the report.
The proposed authorised and paid-up share capital for the subsidiary is Rs 10 lakh. The decision is subject to approval of the corporate affairs ministry.
In July, the company forayed into child nutrition with the launch of CeleHealth Kidz Immuno Plus Gummies in the Indian market.
According to market research company IMARC, the Indian dietary supplements market size was Rs 43,650 crore in 2022. It is expected to reach Rs 95,810 crore by 2028, a growth rate (CAGR) of 13.5 percent during 2023-28.
The stock ended the day at Rs 5,430 on the National Stock Exchange, down 1.21 percent from the previous close.
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