The AV Birla group will invest close to Rs 1,500 crore (Rs 15 billion) in a phased manner over the next two to three years in industrial and medicinal biotechnology.
According to sources close to the development, the Rs 30,000 crore (Rs 300 billion) group plans to acquire a few biotechnology start-ups in the domestic and overseas markets with capabilities to undertake in-house and contract projects.
In fact, it is already in talks with a few companies in the biotech space for possible acquisitions.
Sources also said the group had already identified a location near Hyderabad for its proposed biotechnology R&D centre along with a greenfield product development facility. When contacted, the company refused to comment.
The AV Birla group, one of the most diversified industry houses in the country, has for quite sometime been planning to enter this sunrise sector with an array of niche technologies and products, which goes into both industrial and healthcare applications.