The Hindu Business Line : Ocimum to invest Rs 120 cr for expansion

Ocimum Biosolutions will invest Rs 120 crore in its biotechnology expansion and set up a new laboratory in the Genome Valley on the outskirts of Hyderabad soon.

The Hyderabad-based life sciences research and development enabling company, which recently acquired the BioMolecules Synthesis division of Isogen Life Science of the Netherlands, raised $6.5 million in equity and debt from the International Finance Corporation. The funds are being used for the acquisition and setting up the lab.

Making these announcements, Ocimum Biosolutions on Saturday also exchanged the acquisition documents and investment papers in the presence of the Andhra Pradesh Chief Minister, Dr Y.S. Rajasekhara Reddy.

The company wants to use the funds to integrate the Oligo business acquired in Europe with the India operations and invest in working capital and R&D infrastructure. The new unit would produce Oligos, a synthetic gene fragment used in molecular biology by biotech companies.

Isogen Life Science is a leading producer of DNA, RNA, peptides and related products, which are extensively used in pharma and biotech companies, as well as research institutes.

The Managing Director of Isogen Life Science, Mr Hans Beijerversgen, the Chairman of Ocimum Bio, Mr L.V. Subba Reddy, the CEO, Ms Anuradha Acharya, the CFO, Mr Subash Lingareddy, and the Country Manager of IFC, Mr Sujoy Bose, met the Chief Minister.

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