Ahmedabad, Oct 11 The Ahmedabad-based Intas Biopharmaceuticals Ltd (IBPL) has signed an agreement with Kotak Private Equity Group (KPEG) leading towards an investment of $10 million in IBPL as equity.
The Foreign Investment Promotion Board (FIPB) application is a part of the due process for the same investment. IBPL will utilise this investment for capital expansion to enhance its R&D & manufacturing capabilities based in Gujarat, according to the company here.
New products launch
Mr Mani Iyer, Director (IBPL), said in a release that with the ongoing efforts to launch new products on domestic and international fronts, the strategic investment of KPEG in IBPL will give a significant boost to registering and commercialising products in many regulated markets. The company is looking to double its research and development strength by the end of this year.
After completion of its expansion, IBPL will be able to undertake 10-12 new projects at a time, which will speed up the product development cycle.
IBPL, which has already invested close to Rs 100 crore at its facility, plans to pump in additional Rs 150 crore over the next 4 to 5 years.