City company Hester Biosciences to invest Rs 120 crore for Tanzania unit

City-based animal healthcare company Hester Biosciences, announced on Monday that it would invest $18 million – approximately Rs120 crore - for setting up a manufacturing unit in Tanzania.

Hester Bio said that The Bill & Melinda Gates Foundation has sanctioned loan and grant of $10 million and $4 million respectively for the project. The plant would have the capacity to produce 1.5 billion vaccine doses in a year, and is projected to start commercial production by November 2020. The plant would be Hester's second overseas one after Nepal.

Hester said in a release that more than 80% of the vaccines required in Africa are imported, and it sees big potential for growth in the continent. "Our project in Tanzania would mainly manufacture vaccines against Africa-specific diseases, besides having the capability to manufacture vaccines against other common animal diseases," it said.