IPL Biologicals to set up facility in Gujarat with Rs 400 crore investment

Agro biological company IPL Biologicals on Wednesday said it has inked a pact with the Gujarat government to set up a facility with an investment of Rs 400 crore.

The company signed a memorandum of understanding with the state government agency, Gujarat State Biotechnology Mission, in the presence of Chief Minister Bhupendra Patel.

It seeks to set up "a state-of-the-art biofertilisers, bio pesticides, biofungicide, microbial growth promoter facility in the region," the company said in a statement.

"The investment of Rs 400 crore underscores IPL's commitment to promoting eco-friendly farming practices and enhancing soil and environmental health," it said.

The company believes the MoU with the state government aligns with the national goal of adopting organic and sustainable practices by 2030, the statement said.

Its new facility will contribute to sustainable agriculture, it added.

"The major focus of the first phase of production will be on...agriculture products, followed by probiotics and enzyme products. The project shall be on reducing chemical usage in the agribusiness sector and providing safe food production to the world," it said.

The development and operational commencement of IPL Biological's agro-biological production facility is scheduled for mid-2025, creating over 500 direct and indirect jobs, the company added.