Ayurvedic co to invest $10 mn
An Ayurvedic major proposes to invest $10 mn to upgrade its existing facilities, besides setting up an international standard Spa and wellness centre.india Updated: Feb 09, 2006 11:59 IST
Keeping in the mind the global health standards and taking advantage of medical outsourcing, a city-based Ayurvedic major proposes to invest $10 million to upgrade its existing facilities, besides setting up an international standard Spa and wellness centre here.
"We are in discussion with our partner in the US. We want to go for a spa of international standards here. We will be raising $10 million in phases upto 2010, when our company completes a century of existence", Sankaunnis Ayurvedic Research Foundation (SARF) Managing Director Rajan Balakrishnan, told reporters
"We are also expecting to raise money from NRIs", Kishore Tarachand, investment advisor for SARF, said.
Balakrishnan said SARF, as part of its proposal to celebrate 100-years of existence in 2010, proposed to manufacture and market 15 to 20 formulations, including variants of the newly released Epidermend skin ointment and a drug for cancer called Tumortart.
He also categorically stated that none of the SARF produced drugs had any metal content. "We are upgrading our production units, (one more unit would soon come up) in accordance with US Food and Drug Administration requirements", he said.
In a bid to export drugs, his company was collaborating with Flordia based International Research Institute, which was involved in clinical trials and research on many formulations that the company proposed to bring out, he said.