Hyderabad: Hyderabad-based Lifespan, a nutraceuticals manufacturer, which opened its new corporate office in Madhapur, is looking to invest around Rs 100 crore in setting up a new manufacturing facility. The proposed unit will make functional foods and beverages in Hyderabad.
The company sees an employment potential of 200-250 people, despite making it an automated plant. The land is being scouted in and around Genome Valley, Hyderabad. It may commence operations by early 2023, and seek US FDA clearance, Narendra Ram Nambula, founder of Lifespan told Telangana Today.
The company currently operates a manufacturing unit in Genome Valley to make dietary supplements, employing 100 people. It has a portfolio of 59 products that include tablets, capsules, juices, powders, personal care, and other products. About 20 products are in different stages of development and will be ready for commercialization next month. There are plans to add about 60-70 products next year.
On the retail front, the company plans to set up 100 “Happy and Healthy Living” stores across the country. The first set of stores would open before the end of the calendar year. The lifespan portfolio of products will be soon available online. Lifespan also plans to expand into functional food ingredients and functional beverages.
“Many of Lifespan products need ingredients that are sourced from the small farmers. To encourage the local farmers, the company plans to buy the raw material directly from the farmers. We would also support women entrepreneurs to sell their products to us. These infrastructure projects will surely add a lot of job opportunities for local people,” added Nambula.
Globally, there are plans to partner with retail chains across major markets and use modern trade channels to market products. Lifespan is closely working with US-based agencies to fulfill their regulatory requirements and pave the way for a launch in the US market by 2021.