Gufic to foray into agri biotech, lines up Rs 20 cr investment

The Mumbai-based Gufic Biosciences, a leading player in the country's pharmaceutical formulations and API sector, is foraying into agricultural biotechnology in a big way.

The company, which has already entered into the biotechnology with few speciality products in cardiovascular and infertility segments, is now planning a fresh investment of Rs 20 crore into its existing biotech R&D set-up.

Venturing into agrIculture biotech, Gufic biosciences had recently developed tissue cultured pomegranate and Bixa seeds along with few other hybrid crops.

Now, the company has initiated contract farming for Bixa plants in about 400 acres of land in Maharashtra and Gujarat. Bixa, a plant used for natural colour approved by US FDA and other food and drug regulatory agencies, finds wider application in the food, pharma and cosmetics industry.

The company, which has a buyback arrangement with the contract farmers of Bixa, is planning to set up a food colour manufacturing plant within its API facility at Navsari in Gujarat, said Jayesh P Choksi, chairman and managing director.

"Agriculture biotechnology is also complementary to our existing line of business as it would help its herbal consumer health products division to control quality and availability of raw materials.

The company is now trying to grow its own herbs and is also involved in tissue culture of certain fruits and vegetables," Choksi said.

He added that in the first year, the biotech-based seed business would be targeting Maharashtra and nearby states.

But, within five years, it would become a national company with distribution and marketing network all over the country, he said.

Gufic Biosciences has a tissue culture facility of 6000 sq ft for production of 3 million plants per annum and the production unit can house 60,000 culture bottles at a time. It also has a green house of 3,500 sq ft with evaporative cooling, misting and shading equipment for hardening of tissue culture plants.