The company is expecting at least six new consumer healthcare and lifestyle products in about a year’s time from the new R&D business it has established, a company spokesperson told Indiaretailing.
The company has earmarked an investment of Rs 20 crore over a period of two years for the new business, covering allopathic, ayurvedic and natural segments. “Once we have met our internal needs, we will target the global R&D outsourcing market,” said SC Sehgal, chairman, Ozone Group.
Ozone also expects to reap returns from organic farming. With 45 acres of land in Assam and 13 acres in Gurgaon currently, the company is looking at expanding its land bank in the northeast to more than 100 acres. According to Sehgal, the Gurgaon land has been ‘blocked and marked’ and is being treated for the last two years, and should be ready for cultivation in about a year’s time.
The land in Assam, however, is fertiliser-free and cultivation can start sooner. “While we will use the produce from our farmlands primarily for our products, the surplus could be sold off in the open market or exported,” Sehgal said.