Press Trust of India / Indore Mar 21, 2010, 19:39 IST
Mumbai-based Mission Vivacare today entered the US healthcare market with the launch of neutraceuticial range of products 'Vivaprime'.
"Our initial plan will be to market our products through health food stores in the US, followed by mass market stores and other retail outlets," Mission Vivacare Managing Director Akkshay Mehta told reporters.
The US market size for neutraceuticial products is to the tune of $50 billion growing at 8-10 per cent annually. The company plans to launch the Vivaprime range in the domestic market as well.
"The Indian market for dietary supplement is estimated at Rs 2,000 crore and is growing at around 20 per cent annually. We plan to launch our products domestically by October this year," Mehta said.
The company is also planning to come up with an initial public offer next year. "We would be able to launch our IPO in the first quarter of 2011. We would dilute 10-15 per cent of our equity," Mehta said without giving further details.
At present, the 100 per cent equity is held by the Mehta family. The company also plans to launch the Vivaprime range in 20 countries worldwide by June this year.
It claims that the products are meant to supplement nutritional deficiencies that may cause diseases like diabetes, cardiovascular and psychiatry ailments among others.
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