Mumbai-based Advanced Enzyme Technologies Ltd, the largest manufacturer of enzymes in the country, will invest Rs 115 crore (Rs 1.15 billion) to set up three biotech production facilities.
Among the plants, a 100 per cent export oriented plant, with an investment of Rs 40 crore, would start in two months at the special economic zone in Indore.
Other Rs 35 crore (Rs 350 million) plant at Jalna in Maharashtra would manufacture enzymes for agricultural, animal health and food industries. The third plant at Shahapur near Mumbai, within two years, would manufacture industrial enzymes for textile and leather industries, said C L Rati, managing director, AETL.
"Two of our existing plants at Nashik have WHO GMP certification as per pharmaceutical manufacturing standards. Production parameters are different for enzymes required for other industries and the new plants will solve this issue. We are planning to fund the expansion through internal accruals and term loans. If required, we will go public to raise funds," he said.
Currently, AETL manufactures about 400 types of enzymes for various industrial applications, including anti-inflammatory, digestive, cardiac care, probiotics and prebiotic enzymes for the pharmaceutical industry.
It also manufactures nutraceutical and animal healthcare enzymes. The company has two research and development centres employing about 70 scientists and will soon spend another Rs 20 crore (Rs 200 million) to scale up its research activities.
AETL exports its products to over 30 countries.
