Hester Sets up Vaccine JV in Nepal - India

Hester Biosciences has posted a net profit of 18.2 million rupees (INR) in the first quarter, and has signed an agreement to manufacture animal biologicals in Nepal as a joint venture.

Ahmedabad-based poultry vaccine manufacturer, Hester Biosciences, has signed a memorandum of understanding with Kathmandu-based Golchha Organisation to set up a joint venture in Nepal to manufacture animal biologicals with an investment of around INR150 million.

Sify reports that the proposed JV, a 100 per cent export-oriented unit (EOU), would manufacture a range of animal biologicals that would supplement the existing range of vaccines manufactured by Hester in India. Hester plans to export to European markets from the Nepal facility. The company manufactures 39 types of animal vaccines for the poultry sector and closed with a turnover of INR375 million in the year ended March.

The market size of poultry vaccines in India is pegged between INR1.5 to 1.8 billion annually.

The company reported a net profit of INR18.2 million for the quarter ended 30 June, marginally up from INR17.9 million in the corresponding quarter last fiscal, according to Sify. The company has registered a turnover of INR104.9 million in the same quarter, up 14 per cent from INR9.2 in Q1FY10 on a year-on-year basis.