Dr Reddy’s to incorporate a subsidiary for nutraceuticals, supplements

29 Sep 2023 , 09:20 AM

The board of directors of Dr Reddy’s Laboratories approved the formation of a wholly-owned subsidiary for nutraceuticals, vitamins, herbals, minerals, and supplements on September 28.

According to the exchanges, the wholly owned subsidiary would focus on ‘health and wellbeing,’ including medical nutrition, specialized nutrition, supplements, and associated foods or medications.

According to the company’s 2022-23 annual report, Dr Reddy’s was trying to expand its footprint in numerous developing categories such as nutraceuticals.

The subsidiary’s planned authorized and paid-up share capital is Rs 10 lakh. The decision is subject to approval by the Ministry of Corporate Affairs.

CeleHealth Kidz Immuno Plus Gummies were launched in the Indian market in July, marking the company’s first push into child nutrition.

According to market research firm IMARC, the Indian dietary supplements industry is expected to be worth Rs 43,650 crore in 2022. It is estimated to reach Rs 95,810 crore by 2028, with a CAGR of 13.5 percent between 2023 and 2028.

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