Danone, a $14 billion biscuits, beverages and dairy major, through its investments in Avesthagen and in partnership with it, will develop a series of plant-based active ingredients for functional foods with nutritional benefits.
AvestaBiotherapeutic and Research (ABRPL) has signed a pact with Malaysian Biotechnology Corporation to develop biosimilar (similar biological products) products.
Avesthagen's promoters also refute violation of non-compete clause.
ABRPL is working on developing drugs for anaemia, cancer and arthritis, said Bruce Murdoch, chief business officer, Avesthagen. "We are targeting high-end products that are going off-patent and are not working on popular soon-to-be off-patent biotech molecules. We should be able to bring a couple of molecules into the commercialisation stage next year," he said.
India produced 97 million tonnes of dairy products in the year to March 2006 and Danone seeks an increased market share, especially in the speciality product portfolio.
The ongoing tussle between the Mumbai-based Wadia group and European food major Groupe Danone, which was scheduled for a hearing in the Bombay high court on January 10, will now be heard on January 12.
The Bombay high court on Tuesday restrained French dairy major Groupe Danone from selling the shares of Avesthagen, a Bangalore-based bionutritional company.
Even as the textile-to-airline Wadia group and French dairy major Groupe Danone try to settle their differences on joint venture agreements, the legal battle between them in the Avesthagen case shows no signs of abating.
But their reign has been tumultuous as the company has seen compelling battles for ownership.
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