This is the chronicle of Biostadtcovering its inception, growth and future. The company has had many significant achievements and what is most notable is that it has looked at continuous market needs and has catered to the segments identified.
Biostadt
India Ltd.'s (Biostadt) head office is situated in Worli, Mumbai. The company
office is plush with all the modern amenities. Juzar Khorakiwala (Khorakiwala),
CMD of Biostadt, seems to be pleased with his company's progress. In a short span
of 10 years, Biostadt has turned from a Rs.3 cr company to a Rs.135 cr company
in 2005. The company has experienced an overall growth of 16% per annum. Khorakiwala
had ambitious plans for his company's future and was very optimistic about achieving
the target. He was wondering about the strategy to be adopted to reach $100 mn
mark.
Biostadt
was started in 1986 as a modest venture in the area of seaweed-based fertilizers,
a technology acquired from the US by Wockhardt Group in India. Biostadt was a
part of the $300 mn Wockhardt Group. In 1986, the group diversified into agriculture-input
segment with Biozyme, a biotechnology-based product in India. In 1987, it started
its first factory in Aurangabad, Maharashtra, and by 1993 the company had entered
the chemical pesticides business. In 1995, the company won the DST (Department
of Science and Technology) award from the Government of India for creating a breakthrough
with the launch of India's first bio-pesticide. The product was called HALT. In
1997, Biostadt ventured into a new area with the launch of its "Aqua Division"
for shrimp farmers. The same year it opened an office in Philippines and made
its presence felt globally. Later on, it also established base in Thailand and
Vietnam.
Then
in 2002, the group entered the hybrid seeds market in India with the launch of
HI-Q seeds. In 2003, Biostadt demerged from its parent company and was established
as a separate independent entity. In 2004, Biostadt set up a factory at Silvassa
for growth in that region. Later that year, Biostadt went into a joint venture
with Mahindra Hybrid Seeds Limited to form "Biostadt MH Seeds Limited''.
In 2006, Biostadt set up its new agri-chemical facility at Jammu to cater to its
northern markets as well as to take advantage of the incentives given by the government
for operating out of Jammu location. That year also saw the launch of the Pharma
Generics division of Biostadt in the marketplace. This division was to primarily
cater to the rural markets. |
