The partnership with the German homoeopathic firm is for manufacturing and marketing of select Hevert formulations in India.
Shares of FMCG firm Emami gained as much as 3.3 percent intraday Wednesday after a media report suggested the company's homoeopathy arms formed alliance with German firm Hevert-Arzneimittel.
The partnership with the German homoeopathic firm is for manufacturing and marketing of select Hevert formulations in India.
Emami through its homoeopathy arms M Bhattacharyya & Co and King & Co (Homoeo Chemist) has forged alliance with the German firm Hevert-Arzneimittel for "distribution & marketing, GMP Consultancy and licence for manufacturing select Hevert formulations in India", the firm said in a statement.
As per the agreement, Hevert-Arzneimittel products will be available in 400 homoeopathy medicine retail outlets across diverse distribution channels.
Established in 1889, M Bhattacharyya and King & Co was acquired by Emami Group in 2011. It is one of the leading player of Rs 1,500 crore homoeopathy pharma market which is growing 25 percent annually.
Meanwhile, the Bombay Stock Exchange has sought clarification from Emami with respect to this news. "Emami has been requested to submit its clarification with respect to consideration involved in the said agreement to the exchange in terms of Clause 36 of the Listing Agreement," said the exchange.
At 13:10 hours IST, the stock was quoting at Rs 731.45, up Rs 17.75, or 2.49 percent on the Bombay Stock Exchange.
(With inputs from PTI)
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