Platinum Industries arm Rivadu Lifesciences signed an exclusive deal with Korea’s CAREGEN to sell Korglutide health foods in India.

The agreement was signed on 28 September between Rivadu Lifesciences Private Limited and CAREGEN Co., Ltd. of South Korea.

Under it, Rivadu becomes the only company in India with the right to sell CAREGEN’s Korglutide range. Korglutide is the brand name CAREGEN uses for these products.

They belong to a category called health functional foods, which are packaged foods made to support everyday health. Rivadu will sell the finished products that CAREGEN supplies.

The deal also opens the door to making the products in India. Nothing is fixed yet.

The company has not shared an investment amount, production capacity or timeline, so local manufacturing remains a possibility for now.

CAREGEN has no connection to the promoters of Platinum Industries, the company told exchanges.

That means the deal is not a related party transaction and stands as a normal agreement between two independent firms.

Platinum takes no stake in CAREGEN and issues no shares as part of it. For a group known for making chemical additives used in PVC pipes, health foods are a fresh direction.

The agreement gives it a way into that market through a subsidiary. The group has been busy on other fronts.

On 21 May, it began full commercial production at its Palghar plant in Maharashtra.

Its Egypt plant, planned at 60,000 tonnes a year, is targeted to start commercial production before 31 December.

Profit for the April to June quarter fell about 14.9% from a year earlier to Rs 11.13 crore.

Shareholders also voted down a proposal at the 24 September annual general meeting to lend money to Rivadu, with 30.23% of eligible votes against it.

Any word on manufacturing in India will have to come through future filings.

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