GVFL invests Rs 2 cr in Celestial Bio
Venture capital firm GVFL Ltd on Wednesday said it has picked up stake worth Rs 2 crore in Ahemdabad-based Celestial Biologicals Ltd through its special fund for biotech projects.
By PTI |
NEW DELHI: Venture capital firm GVFL Ltd on Wednesday said it has picked up stake worth Rs 2 crore in Ahemdabad-based Celestial Biologicals Ltd through its special fund for biotech projects.
Celestial Biological, an Intas group company, plans to utilise the amount, generated through stake sale, to set up plasma fractionation plant in Gujarat with a capacity of 1,50,000 litres per annum, GVFL said in a statement.
The company is planning to undertake distribution and market development activities of plasma proteins throughout India and is targeting around 10 per cent market share in the first year of its operations, the statement said.
"We have partnered with GVFL not just for financial investment but also because of their ability to understand and act in local conditions," Celestial Biologicals Managing Director Urmish Chudgar said.
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