MILAN, July 30 Italian medical diagnostics group DiaSorin has signed a joint venture with Trivitron Healthcare to enter India's 400 million-euro ($494.80 million) in vitro diagnostics market, the company said in a statement on Monday.
India's in vitro diagnostics market is expected to grow 15 percent each year, the statement said.
"The JV agreement with Trivitron is fundamental for the success of DiaSorin Group in an important market like India, and represents an important pillar of the current and future expansion strategy of DiaSorin Group in Asia Pacific," said Carlo Rosa, CEO of DiaSorin Group.
DiaSorin supplies its customers with equipment for diagnosis in test tubes known as 'in vitro.'
DiaSorin also has operations in subsidiaries located in Belgium, France, Spain, Mexico, Germany and China as of the end of last year.
DiaSorin Trivitron Healthcare Private Limited will be 51 percent-owned by the Italian company and will be based in the Indian city of Chennai.
Shares in DiaSorin were up 0.14 percent by 1246 GMT, outstripping a 1.9 percent rise in Milan's main share index . ($1 = 0.8084 euros) (Reporting by Philip Baillie; Editing by Louise Heavens)