India Agribusiness Fund invests INR75 crore in Beloorbayir Biotech
The India Agribusiness Fund will pour INR75 crore into nutraceutical and pharmaceutical ingredients manufacturer Beloorbayir Biotech, according to The Economic Times.
Beloorbayir managing director BG Bairy shared the company's future plans: "We are going in a big way to expand research and development, capacity and presence in foreign markets. We will also open a facility in the US for brand building and research and development."
Beloorbayir is a manufacturer and supplier of important ingredients used by companies that market dietary supplements and drugs to treat heart disease, arthritis, and obesity. Most of the Bangalore-based firm's revenue comes from the US, Europe, and the Asia Pacific region. For the fiscal period of 2013 to 2014, the company's sales reached INR85 crore, the report detailed.
According to IKON Marketing Consultants, India's nutraceutical industry is set to grow five times by the end of this decade. At present, its value is pegged at INR19,500 crore, The Economic Times reported.