The Hindu Business Line : Avesthagen gets Rs 22.5 cr from NYLIM India Fund

Bangalore May 7 Avestha Gengraine Technologies Pvt Ltd has announced a Rs 22.5-crore investment by New York Life Investment Management India Fund, LLC, through equity shares for nearly five per cent stake in the company.

The investment will go towards the expansion of its business and to increase its international presence. "This investment by the NYLIM India Fund is a strong endorsement of Avesthagen's business model," said Dr Villoo Morawala Patell, Vice-Chairperson and MD of the company.

The Bangalore-based biotechnology company is engaged in agriculture and plant-based health solutions for degenerative conditions, metabolic disorders and infectious diseases.

Only in January this year, it raised € 25 million (around Rs 150 crore) from four investors. Avesthagen, with plans of an IPO in mid-2008, has among its strategic investors ICICI Ventures, Cipla, Tata Industries, Godrej Industries, Fidelity, French food major Danone, Limagrain and French research company bioMérieux.

Avesthagen also expects to commercially launch some of its products for the bio-pharmaceuticals and bio-nutritional markets in 2008. The company is also planning to ramp up its headcount to over 600 within the next 12 months.

According to Mr Srinivas Chidambaram, Managing Director, Jacob Ballas Capital India Pvt Ltd, the investment adviser to Mauritus-based NYLIM India Fund, "Avesthagen has the potential to develop a valuable IP portfolio which can be leveraged globally in the bio-pharma, bio-nutritional and bio-agriculture sectors."

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