Avesthagen gets 225 mn share capital invest

Mumbai, May 8: Avestha Gengraine Technologies Private Limited (Avesthagen), one of India's leading systems biology innovation companies, today announced that it has received Rs 225 million investment in share capital by New York Life Investment Management India Fund (FVCI II), LLC (NYLIM India Fund') through equity shares for a minority stake.

Focusing on the convergence between food, pharmaceuticals and clinical genomics, Avesthagen provides innovative solutions to agriculture and health problems such as degenerative conditions, metabolic disorders and infectious diseases.

''In just six years, Avesthagen has become India's premier systems biology company. With the growing global market demand, a robust pipeline of products backed by the best practices in research and development, it is poised for significant growth,'' Avestha Gengraine Technologies vice-chairperson and managing director Dr Villoo Morawala Patell said.

''We believe this investment by the NYLIM India Fund is a strong endorsement of Avesthagen's business model,'' he said.

Avesthagen will apply the investment towards the expansion of its business and to increase its international presence. It will continue to enhance stakeholder value while offering the current and future employees a tremendous opportunity to be part of exciting growth and the making of a global blue-chip enterprise, he added.

UNI