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Sri Biotech to set up Rs 30 crore discovery centre

BS Reporter  |  Chennai/ Hyderabad 

India Limited, a Hyderabad-based multidisciplinary agri biotechnology company, is in the process of setting up an integrated discovery centre at on the outskirts of the city with an investment of Rs 30 crore.

“We will be commencing construction work on the centre soon and expect it to be completed in one-and-a-half years from now,” said Sri Biotech chairman and managing director

The project will be funded through the $10-million private equity (PE) money that was infused into the company by Rabo Equity Advisors through its $100-million in 2009. Sri Bio raised the PE fund to focus on seed research and development of new molecules for crop protection besides putting up infrastructure for the same.

Speaking to Business Standard on the sidelines of the Indian Seed Congress here recently, Reddy said the company was developing products since 2003 and had so far got four patents.

“The new discovery centre will focus on agriculture, health and environment. On the agriculture front, we are interested in developing transgenics … in the area of disease and pest-resistance crops, while the thrust will be on developing molecules, enzymes and proteins for the pharmaceutical sector, besides bioremediation studies like waste management,” Reddy said.

Stating that the objective behind proposing to set up the integrated centre was to exclusively dedicate it to intensify its discovery activities in the area of transgenics, Reddy said it would take four to five years for the company to get final results out of its discoveries, after which it would develop products based on them.

Sri Biotech reported revenues of Rs 85 crore in the last financial year. The company projects to cross revenues of Rs 100 crore this fiscal.

First Published: Fri, March 04 2011. 00:16 IST