Hyderabad based Chemminnova Remedies has entered into JV agreement with Australia based Rapid Nutrition Ltd.
According to the terms, Rapid Nutrition will acquire 74% stake in Cheminnova Remedies in next 18 to 24 months through a special purpose vehicle of the Australian company in India. This JV would facilitate in four areas - research, product development, manufacturing and marketing.
Incorporated in 2001, Rapid Nutrition produces and sells weight loss supplements in Australia. The company offers a range of meal replacement shakes and tablets, as well as appetite suppressants for weight management. The company has presence in Australia, US, European Union and West Asia.