Investment in Avesthagen?

The bio-nutritional company Avestha­gen (Avestha Gengraine Technologies), launched by Dr Villoo Morawalla Patell may attract 140 crore investment from the Paris based food giant Groupe Danone, states The Economic Times of November 1, 2006.

"This would be Danone’s biggest solo investment in India till date. It must be mentioned that the French major is an equal shareholder along with Nusli Wadia in Britannia Industries, which is a leading player in the domestic biscuits market. Avesthagen is said to be attracting a high valuation because of its strong IP (Intellectual Property) portfolio,” states the report.

Dr Villoo Morawalla Patell

"Avesthagen, with two maturing patents and a slew of patent applications, reported Rs 10-11 crore turnover in the last financial year. Observers said the company could attract a valuation as high as $ 100 million on account of its strong research background.

"When contacted, Villoo Morawalla Patell, founder and chief executive officer of Avesthagen, said the company has ‘no comments to offer for now.’

"Avesthagen, built on biotech foundations, recently unveiled plans to set up a Rs 45 crore research and development facility and neutraceuticals manufacturing unit.

"The Indian company had also stated its plans to raise about 20 million euros in the third round of fundraising as well as plans for an initial public offer in the near future. Founded in 1998, the current list of investors in the Bangalore-based company include ICICI Ventures, Tata group and also the Godrej group,” notes the ET report.