The Rs 259-crore Sami Labs Limited is planning to invest Rs 15 crore in Pune to extend cultivation of the herbal plant Coleus forskohlii in an area of about 10,000 acres of land.
As earlier reported, the company is also investing Rs 60 crore in Tamil Nadu, Karnataka, Andhra Pradesh, Punjab, Maharashtra and Chattisgarh to extend Coleus forskohlii cultivation to meet its production demand. ForsLean, Sami's brand for Coleus forskohlii extract is a fast moving food supplement for weight management in the international market. It was voted as the Best New Product of 2001 at Nutracon Conference and exhibition held at San Diego, and during last year, got the Thomas Alva Edison Patent Award.
"Our intention is to provide assistance to the farmers who have understood the value and the potential of the herb which makes both medical and business sense for them," stated Dr. Dr Muhammed Majeed, chairman and managing director, Sami Labs.
For the past seven years, Sami Labs has been into herbal cultivation involving the farmers of Tamil Nadu, with a buyback arrangement. "Our model of herbal cultivation assures a right and steady price for their harvest. Besides, we support the farmers by supplying planting material, facilitate loans and assure insurance protection for their crop," said Dr Muhammed Majeed.
Sami Labs, set up in 1991 at Singasandra in Bangalore as a research and development facility, has evolved into a new product development and market oriented research company. Now Sami Labs has presence in USA, Europe, Japan, Australia, Middle East and South Africa.