The Coimbatore based Arya Vaidya Pharmacy (AVP), will be entering into a joint venture with Yemen based YTAC group to start ayurvedic clinics in Yemen. In the proposed venture YTAC will be investing 51 per cent and AVP will be putting in 49 per cent.
The two clinics would be started at Sanna and Aden in YTAC's already existing facilities in Yemen. Based on the responses from the people to ayurveda, an in patient clinic is also planned. AVP will be providing all the essential medicines and expertise for the project.
"Our stake in this is venture is 49 per cent, but depending on further financial needs we will also be investing the profit earned out of the clinics for further progress of the project. We will be appointing people from India in the clinics as we are not sure about the cost of manpower there," said Dr Prasad, AVP's Assistant director for administration and operations.
He said that this was the first time that AVP was entering into a joint venture. The team from Yemen will be coming to India for signing the agreement once the AVP team visits their country and study the infrastructure and other facilities etc. Prasad stated that the agreement and other papers were ready and if needed more points relevant to the services that would be offered by AVP would be added in the agreement.
"YTAC was set up in 1984 initially to cater to the needs of the automotive industry. Now they are showing interest in the realm of ayurveda. So after some discussions the project was agreed upon. Now we will be visiting their place and studying their infrastructure facilities. The clinics are expected to function by March 2007," he said.
Prasad said that AVP was also planning to set up small or big manufacturing units in Yemen. The company is also conceptualising major marketing plans there. "We desire to start manufacturing units in Yemen. But for that we need to study the feasibility and other aspects there. The team from AVP leaving for Yemen will also look into this aspect and then the decision will be taken," he said.
Speaking about their other pipeline ventures, Prasad said that there were plans to expand their business in UAE and also initialise therapeutic centres in UAE. For the purpose a three-member team, comprising marketing and export professionals of AVP were in UAE to study the market there.
Commenting on the Pakistan venture, Prasad said that there has still not been any new development, but the project would be successful in the future. "Ayurveda is something new in their country so if they have to include ayurveda in their health protocol it would need some time. But we are confident that things would move well in the future," he added.