Avestha chalks out Rs 45 cr capex plan

Avestha Gengraine Technologies, a Bangalore-based healthcare technology company, has initiated Rs 45 crore capital expenditure plan to strengthen its research and development facilities and build its own manufacturing unit in Bangalore. The company is also ramping up its head count from existing 141 to 300 in six months.

So far Avesthagen has entered into collaborative research with Nestle for developing diabetes related foods, Danish company for osteoporosis related cures and with TNO for developing food for medicine programme.

"Few research and development works have attained critical stage and the company felt it was right time to invest around Rs 45 crore to build pilot phase manufacturing, expansion of research and development facilities and creating a separate neutraceutical facility," Avesthagen's CEO and founder Villoo Morawala-Patell told reporters.

According to her, the company is building pilot phase manufacturing, research and development facilities on two acre land in Whitefield by investing Rs 40 crore.

Similarly, the company is also spending Rs 4 crore to Rs 5 crore to construct separate neutraceutical facility measuring 12,000 square feet on one acre land also in Whitefield. This facility is expected to take up research on emerging pathogens.

"To strengthen and expand our research and development facilities, we have taken additional space of 15,000 square feet at International Tech-park Bangalore (ITPL). This facility will take up genomic and diagnostics related research," said Villoo Morawala-Patell.

The existing 13,000 square feet facility would be used extensively for pharmaceutical research and development, she added.