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Hester Biosciences board approves 3 million dollar investment in African arm

Hester Biosciences board approves 3 million dollar investment in African arm

New Delhi: Hester Biosciences said its board has approved investing USD 3 million (over Rs 19 crore) in the companys wholly-owned subsidiary, Hester Biosciences Africa limited to ramp up production there.

The company sees a very big potential in Africa for animal vaccines, Hester Biosciences said in a BSE filing.

“The companys board has approved an investment of USD 3 million by way of equity in its wholly-owned subsidiary company – Hester Biosciences Africa Ltd, Tanzania, with an objective to manufacture animal vaccines and health products, to cater to whole African continent”, it added.

 The amount would be raised through internal accruals of Hester India, Hester Biosciences said.

While the project size has yet to be finalized, the balance amount for the project would be raised through debt.

Source: PTI
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