Japan's NIPRO merges with JMI Group to boost FDI flow
Publish- December 01, 2020, 07:36 PM
UNB NEWS - UNB NEWS
Update- December 01, 2020, 07:42 PM
Japanese medical equipment giant NIPRO Corporation has expanded its business in Bangladesh by making fresh foreign direct investments (FDI) of around Tk 128 crore (USD15 million) to merge with the JMI Group.
With this, the NIPRO Corporation’s total investment in the JMI Group stands at around Tk 680 crore (USD80 Million).
The merged entity is named NIPRO JMI Marketing Ltd. The NIPRO JMI Marketing Ltd will market medicine and medical equipment manufactured by the JMI Group to the local market in Bangladesh, a release said.
NIPRO JMI Marketing Ltd is, in fact, the fifth joint venture between the Japanese conglomerate's NIPRO Asia Pte Ltd and JMI Marketing Ltd, a subsidiary of the JMI Group.
An event to mark the merger was held at the JMI Group’s head office in Dhaka on Tuesday.
At the event, NIPRO Asia Pte Ltd representative Shigetomi Hisao said, “The JMI Group has achieved our trust by producing quality products. That’s why we haven’t hesitated to further our investments. We hope to satisfy consumers by ensuring the quality of our products."
On his part, JMI Group Managing Director Md Abdur Razzaq said that the new foreign direct Investment (FDI) from Japanese NIPRO Corporation "proves the quality of our group as well as the products we manufacture".
“We firmly believe that the new partnership will make our commitment to the healthcare sector in Bangladesh even stronger; ensuring our capability of providing quality customer service, smoother distribution and efficient sales and marketing process,” he said.
JMI has been a manufacturer and supplier of medical devices and pharmaceuticals in the country since 1999.
NIPRO Corporation, listed on the first section of the Tokyo Stock Exchange in Japan is one of the biggest manufacturers of medical devices, pharmaceuticals and pharma-packaging in the world.
Both the JMI and NIPRO groups have collaboratively worked on the development of the healthcare sector in Bangladesh with its joint ventures, NIPRO JMI Company Ltd., NIPRO JMI Pharma Ltd., NIPRO JMI Dialysis Centre and JMI Syringes and Medical Devices Ltd.