Phytotech Extracts has slated an investment of Rs.25 crore for setting up an advanced manufacturing unit at Chikkaballapura district which is around 56 km from Bengaluru.
The company will design the facility on a 2 acre space as per US FDA norms and seek approvals from Asia-Pacific regulatory authorities including Korea Federal Drug Agency (KFDA) and Japan Federal Drug Agency (JFDA). The funding for this new unit is a combination of term loans and equity holding. “We will commence construction this year and the facility will be commissioned by October 2017. Plans are also to cultivate herbal plants using organic farming methods on an additional 4.5 acres of land which is purchased in the vicinity of the new production unit, V Hariharan, chief executive office and managing director, Phytotech Extracts told.