The Hindu : Business : Drugs company plans R&D units

Online edition of India's National Newspaper
Friday, Jan 26, 2007
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Business

Business

Drugs company plans R&D units

Staff Reporter

Two research centres to be set up at Mavelikara and Kanjikode

PATHANAMTHITTA: Agastya Biopharm India Limited, a Bangalore-based company involved in the manufacture of basic drugs formulated from plant sources, is to set up two research and development centres at Mavelikara in Alappuzha district and at Kanjikode in Palakkad.

Addressing presspersons, chairman and managing director D. Aravindakshan said here on Thursday that the company with its corporate office at Chavara had applied for patent for its 47 basic drug products.

The company was planning to set up its own agriculture export zones for medicinal and aromatic plants in different parts of the county. It launched a scheme to promote cultivation of medicinal plants in Thiruvananthapuram, Kollam, Pathanamthitta, Ernakulam, Thrissur, Idukki, Palakkad, Malappuram and Wayanad. The scheme was implemented in 25 grama panchayats in Pathanamthitta district.

The first drugs manufacturing unit of the company would come up at Kanjikode with aids of Rs.27.25 crore from the Agriculture and Processed Food Products Export Development Authority and Rs.200 crores from SBI Caps Limited, he said.

Prof. Aravindakshan said the company's R&D centre in Mavelikara would be set up at a 50-acre land being provided by 62 promoters.

He said the company was in the process of manufacturing over 250 drugs and its formulations.

He said the company was planning to enter the equity market through an Initial Public Offer by December.

The company submitted a proposal to the Government of Kerala seeking takeover of the assets of three public sector undertakings - Kerala State Drugs & Pharmaceuticals Ltd., in Alappuzha, Kerala State Salicilicates & Chemicals Ltd., at Kazhakuttam and the Travancore Plywood Ltd., at Punalur.

He said an investors' meet of the company would be held at Geethom Auditorium at Adoor on Saturday.

V. Sivanandan, company director, and promoters A. Devarajan and K.G. Nakulan were also present.

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