Himalaya Drug Company said on Tuesday that it is setting up a Rs 165 crore (Rs 1.65 billion) research and development and manufacturing unit on the outskirts of Bangalore to be completed by 2005.
Himalaya President and Chief Executive Officer Ravi Prasad told reporters that the work on the project would begin in August this year.
He said the facility would be certified for international pharmaceutical standards from various agencies.
The Bangalore-based privately held herbal healthcare firm is working on developing drugs for oncology and tropical diseases like malaria, typhoid and kala azar, Himalaya Executive Director, Research and Technical Services Dr S K Mitra said.
He said the work on the drugs were in the initial stages.
Himalaya launched its forest honey brand which it aims to target 10 per cent of the Rs 45 crore -- Rs 450 million -- market (5,000 tonnes) in the current financial year.
Prasad said the company had tied-up with cooperative societies which collect honey from dense forests in north India and Tamil Nadu for its supply and process it at its unit in Bangalore.
He said the major players were Dabur, Charak, Zandu and Khadi Gramodyog besides unorganised players in the national market.
Prasad said the forest honey would be marketed nationally through departmental and medical stores.
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