Nutraceutical manufacturer Lifespan Pvt Ltd plans to invest ₹100 crore in setting up new manufacturing facilities, expansion of its retail network and launch of new products.
After inaugurating its corporate office at Madhapur in Hyderabad in the presence of Jayesh Ranjan, Principal Secretary, Industries, Lifespan founder Narendra Ram Nambula said: “Lifespan currently has a portfolio of 59 products spanning tablets, capsules, juices, powders, diskettes, spreads and personal care. Twenty more products are in different stages of development and will be ready for commercialisation by December 2020. In all the company plans to add about 60 to 70 products in 2021.”
“As a part of the company business expansion, Lifespan is planning to set up about 100 Happy and Healthy Living stores across the country. The first set of stores would be opened by December this year. The products will be available online aswell,” he told BusinessLine.
Lifespan plans to expand into functional food ingredients and functional beverages portfolio apart from gummies and soft gel formats.
“Many Lifespan products need ingredients that are sourced from the small farmers. To encourage local farmers, we plan to buy the raw ingredients directly from the farmers. We would be happy to support women entrepreneurs to sell their produce to us,” he said.
Lifespan is working with US-based agencies to fulfill regulatory requirements and launch products in 2021. The company acquired 500 acres of land to take up organic farming.
The company manufactures nutraceuticals, herbal, Ayurvedic and personal care products. Its manufacturing facility is built as per USFDA standards and conforms to WHO-GMP regulations.