Transasia announces foray into Brazilian market

Home-grown diagnostic company Transasia on Thursday announced a foray into Latin America by setting up an arm in Brazil, and said it will be investing up to Rs 95 crore over the next two years in the initiative. The city-headquartered company has invested Rs 25 crore initially to set up presence through a wholly-owned subsidiary in Nova Lima in Brazil, an official statement said.

The company is engaged in in-vitro Diagnostics (IVD) and the Brazilian unit will be engaged in selling blood and urine test automation solutions, it said. It said the initial investment in the subsidiary is close to Rs 25 crore and there are plans to acquire a local manufacturing firm in Brazil for another Rs 35-70 crore, which will take the total investment between Rs 60-95 crore over the next two years, the company said.

"Even though Brazil has one-fifth of Indias population its IVD market is twice that of India which makes it a highly potential market," the four decade-old company's chairman and managing director Suresh Vazirani said..

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