To bolster a newly-formed joint venture (JV) amid the Covid-19 pandemic, Japanese company NIPRO Corporation injected Tk 128 crore in funds into NIPRO JMI Marketing's efforts to produce world-class medicine and medical equipment.
The JV consists of NIPRO Asia, a concern of NIPRO Corporation, and JMI Marketing, a concern of local conglomerate JMI Group.
This was the fifth joint venture between the two organisations, who have previously collaboratively worked on the development of the healthcare sector in Bangladesh with four other joint ventures - NIPRO JMI Company, NIPRO JMI Pharma, NIPRO JMI Dialysis Centre and JMI Syringes and Medical Devices.
The announcement was made during a ceremony in the capital on Tuesday.
JMI Group is a pioneer and leading manufacturer and supplier of medical devices and pharmaceuticals in the country since 1999, serving the country by producing essential medical devices with joint venture programs.
NIPRO Corporation, listed on the first section of the Tokyo Stock Exchange, Japan is one of the biggest manufacturers of medical devices, pharmaceuticals and pharma-packaging in the world.
With the fresh fund injection, NIPRO Corporation's total investment into the its merger with JMI Group stood at Tk 680 crore ($80 million), said a press release.
Initially NIPRO JMI Marketing Ltd was slated to market the medicine and medical equipment manufactured by the JMI Group to local market in Bangladesh.
But now, they will source essential medical equipment across the globe and will market the products at home and abroad after ensuring the quality.
JMI Group Managing Director Md Abdur Razzaq said that the new investment from NIPRO Corporation solidifies the quality of JMI Group as well as the products they manufactured.
Shigetomi Hisao, representative of NIPRO Asia, said that by producing quality products, JMI Group achieved their trust and so the Japanese corporation did not hesitate to invest further into the JV.
NIPRO JMI Marketing is the fifth joint venture established in the partnership between JMI Group and NIPRO Group.
