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Morepen in JV with Swedish HemoCue

NEW DELHI SEPT. 4. Morepen Laboratories (MLL) has formed a joint venture with the $65-million Swedish diagnostic giant HemoCue AB for introducing haemoglobin-testing system in the domestic market. "We have signed a memorandum of understanding with the Swedish company for exclusive distribution and marketing of HemoCue test system in India and Nepal as well," Morepen Chairman and Managing Director, Sushil Suri, told UNI in an interview here today.

Mr. Suri clarified that the agreement between the two companies had been signed for a minimum of five years and the present arrangement was meant for marketing and distributing haemoglobin testing system. Saddled with Rs. 600-crore debt, Morepen got a shot in the arm through this JV, after the Company Law Board approved its repayment schedule for fixed depositors and the spirited upward move in the stock market.

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