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Indfrag Biosciences plans expansion

Our Bureau

MUMBAI, Aug. 10

INDFRAG Biosciences Ltd, a Bangalore-based botanical extract company is planning a Rs. 30-crore expansion.

Speaking to newspersons in Mumbai, Mr. Philip Samuel, Chairman and Managing Director, said that the company proposes to approach capital markets through a public issue.

This is the second time that Indfrag is approaching the markets. It had entered the capital markets with an initial public offering in 1996.

The company has a listing at OTCEI and plans listing at the National Stock Exchange and Coimbatore Stock Exchange with this issue. Currently, promoters hold 60 per cent of shares while 40 per cent is with the public, said Mr.Samuel.

Nearly 95 per cent of Indfrag Biosciences business is in exporting botanical ingredients which includes dietary supplements (nutraceuticals) and functional foods to countries such as the US.

The company's plant located at Kundumaranapalli in Tamil Nadu currently has a capacity of 4,000 tonnes of raw material per year which would be increased considerably, Mr. Samuel said. The company plans to increase its capacity by addition of a German so lvent extraction plant and an indigenous plant upgradation of existing facilities to GMP & USFDA norms.

Also, the company proposes to equip its research laboratory with testing and analytical instruments particular to natural product chemistry, Mr. Samuel said.

Currently, the company has a strategic relationship with Leeward Resources Inc. of the US, which supports Indfrag in marketing, logistic management, global raw material sourcing and technical information. The company has also signed a memorandum of under standing (MoU) for a joint venture with Botanical Enterprises Inc., US to develop botanical prescription drugs and OTC (over-the-counter) drugs.