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September 1st, 2008

Tatas to invest around Rs 1,000cr in startups

Abstract:
Tata Industries is planning to invest Rs 800-1,000 crore in biotechnology and nanotechnology. The company has already pum-ped in Rs 125 crore in these segments, Mr Kishor Chau-kar, managing director, said.

"Contract research, drug discovery and herbal medicine are areas that are at the top of our priority list. We are trying to come up with a drug for fighting diabetes and metabolic disorders," Mr Chaukar said. Tata Industries has invested Rs 80 crore in three entities in this segment, of which, Indigene, has operations in Hyderabad.

He said, "We are interested in a bio warfare project that is being developed by a non-resident Indian scientist in association with the US defence department. We think the project has great potential even in the field of medicine and hence have put in Rs 60 crore in the technology." If successful, the company would buy the rights to the technology and launch it in India, Africa and Latin America, he added.

Source:
asianage.com

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