Cientifica, which is the international partner of Yashnanotech, will invest Rs 10 crore and the joint venture would aim at tapping global contract research opportunities in the area of nanotechnology, of Yashnanotech Managing Director Anurag Gupta told UNI here.
Yashnanotech had recently entered into a technical, consulting and marketing tie-up in the field of Nanotechnology with Cientifica.
Nanotechnology is the design, characterisation, production and application of structures, devices and systems by controlling shape and size at nanometer scale, where properties differ significantly from those at a larger scale.
The company will increase its equity base of Rs eight crore to Rs 50 crore through conversion of 9.50 lakh warrants at par value of Rs 10 each.
The new joint venture, to be established in two months, will set up nanotech manufacturing facilities at Hyderabad and in Maharashtra with an initial investment of Rs 50 crore. Of this, Rs 15 crore will be from internal accrual, Rs 5 crore of loan from financial institutions and the remaining Rs 30 crore will be raised from IPO or issue of preferential shares, Gupta said.
The company plans to commercialise research technology available from the Indian Universities for which Yashnanotech has signed an agreement with three educational institutions in the country, according to Yashnanotech chief operating officer Paramjyothi Chowki.
”In the first phase, we are focussing on biomedical and material applications of nanotechnology. We have already signed agreement with IIT Bombay, National Chemical Laboratory, Pune, and Jawaharlal Nehru Centre for Advanced Scientific Research, Bangalore. These institutions will provide research assistance,” she added.
”We are in talks with companies, including CEAT, for providing nanotech applications for their new generation tyres. This will be to provide navigational sensors to new generation technology tyres,” Paramjyothi said.
Both the marketing and contract research facilities would be directly linked to the needs of firms abroad, she added.
The company plans to invest Rs 150 crore in the second phase of the project and Rs 500 crore in the third phase