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City-based animal healthcare player, Hester Biosciences Ltd on Thursday announced its plans to invest $3 million in its wholly-owned subsidiary in Africa — Hester Biosciences Africa Limited, Tanzania.
The company will manufacture animal vaccines and health products in Tanzania, to cater to the whole African continent.
The Board of Directors of the Company gave its approval for the investments by way of equity in the wholly-owned arm.
Internal accrualsThe finance for the $3 million will be raised through internal accruals of Hester India.
While the project size is yet to be finalized, the balance amount for the project would be raised through debt.
More than 80 per cent of the required vaccines are currently imported into Africa.
Animal vaccines“Hester sees a very big potential in Africa for animal vaccines. Besides the common diseases, there are Africa-specific diseases, which currently remain unaddressed, thereby causing economical losses to poultry and livestock farmers.
“Hester has already started the exports of animal vaccines & health products to Africa,” the company said.
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