Biotechnology major Biocon India Ltd plans to invest over Rs 500 crore (Rs 5 billion) on its expansion plans over the next two years.

The Bangalore-based Biocon is finalising plans to raise debt capital of $30 million [Rs 150 crore (Rs 1.50 billion)] from domestic and foreign financial institutions for funding the expansion of its facilities for Statin (a molecule being produced by Bicon), research and biological and monclonal anti-bodies, Kiran Mazumdar Shaw, chairperson, Biocon, told reporters in Bangalore on Wednesday.

Biocon recorded a profit of Rs 50 crore (Rs 500 million) on revenue of Rs 285 crore (Rs 2.85 billion) in the last fiscal, Shaw said, adding the company was aiming at a revenue of Rs 520 crore (Rs 5.20 billion) and profit of Rs 120 crore (Rs 1.20 billion) during 2003-04.

She said Biocon was in the process of human clinical trials development for its recombinant human insulin, for which it is in discussions with firms in several countries.

The recombinant human insulin was expected to hit the market during the first quarter of the next financial year.

On the firm's initial public offer plans, Shaw said the company would finalise the book makers by the year-end and the issue, with a 10 per cent dilution in equity stake, would be held next year.

About 70 per cent of the Biocon equity is held by Shaw and her family, 15 per cent by employees, 12.5 per cent by AIG, and the remaining 2.5 per cent by other investors.