Business

Gangwal Healthcare to set up unit for manufacturing nutraceuticals

Gangwal Healthcare Pvt. Ltd., which was spun off as a separate company from Gangwal Chemicals Pvt. Ltd. in this financial year, has announced plans to set up a large facility for manufacturing of nutraceuticals considering the growing demand in this segment.

“We have finalised plans to set up a large unit for manufacturing of proteins and supplements in the nutraceuticals and wellness segment. We have already acquired 3.5 acres land for this plant in Tarapur, Maharashtra,” Anil Jain, MD, Gangwal Group of companies said. He said the plant will have a total investment of ₹60 crore out of which about ₹35 crore will be mobilised as bank loan. To begin with this plant will spread over 100,000 sq ft area and will be operational in the January-March quarter of 2024.

“This will be our major investment in the health and wellness segment. According to a McKinsey report, the wellness segment is estimated $1.3 trillion growing at 5-10% a year. We are expecting major business from this stream because this concept is under explored now,” Mr. Jain said.

The company already has four manufacturing units in Tarapur for its pharmaceutical and personal care product lines. It also runs a laboratory business providing testing facilities for clients. Recently, the promoters sold majority stake in Gangwal Chemicals to Dutch company Barentz International BV for an unspecified amount.

After divestment of the trading business to Barentz, the promoters will now focus to grow the manufacturing business under Gangwal Healthcare.


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Printable version | Jun 27, 2022 1:52:43 pm | https://www.thehindu.com/business/gangwal-healthcare-to-set-up-unit-for-manufacturing-nutraceuticals/article38346256.ece