August 27, 2003
Source: Manorama Online
Kerala to set up Biotech SPV in tie-up with Bangalore-based Company

Thiruvananthapuram: In a major joint initiative in the Phytopharmaceuticals-Biotechnology sector, the Kerala Government in tie-up with a Bangalore-based biotech major will set up a Special Purpose Vehicle (SPV) with an initial corpus of Rs ten crore to leverage the state's rich biodiversity and the unique expertise in Ayurveda and other traditional healing systems.

A Memorandum of Understanding to this effect was signed here by State Industries Principal Secretary John Mathai and Avestha Gengraine Technologies Pvt. Ltd.(Avesthagen) CEO and Founder Villoo Morawala-Patell in the presence of Industries Minister P.K. Kunhalikutty. .

The SPV, which would be constituted within three months, would offer world class cost effective means to interested institutions/individuals within Kerala and elsewhere to get their traditional medicine products evaluated and validated for potential marketing in the global marketplace.

The Avestagen would support the SPV to establish state-of-the-art biotechnology infrastructure and expertise in the state for phytopharmaceutical/nutraceutical development. It would also take the lead for securing funding for the SPV.

The Avestagen would support the SPV to establish state-of-the-art biotechnology infrastructure and expertise in the state for phytopharmaceutical/nutraceutical development. It would also take the lead for securing funding for the SPV.

Speaking on the occasion, the Industries Minister pointed out that Kerala had pre-eminent ownership of the knowledge and practice of the Ayurvedic system of medicine, in addition to a rich tribal/ethno medicine tradition. "Through such partnerships with the private sector we expect to take the Kerala traditional medicine to the World, packaged and validated to global market regulations and expectations," he added.