EID Parry's microalgae plant gets US FDA approval

Parry Nutraceuticals, a division of Rs 29,500 crore Murugappa Group's EID Parry on Monday said it has received the US FDA approval for its India facility for organic microalgae cultivation and processing.

EID Parry is India's leading maker of sugar.

The fully organic, 130 acres - 600 tonnes per annum (TPA) facility, located in Oonaiyur, Pudukottai district, Tamil Nadu, has received the Establishment Inspection Report (EIR) from the US FDA following an inspection of the facility in July 2016, the company said.

Parry Nutraceuticals said it is also stepping up its new product development (NPD) efforts to meet increasing customer demand for value-added products based on microalgae.

Elaborating on the plans, Muthu Murugappan added, “Our new product strategy is to provide value addition to our existing micro-algal range. Some of the products that we will bring to the market over the next two years include Organic Chlorella, Spirulina Granules, CO2 Extracted Lutein and Algal Beta Glucan, to name a few.”

“Other exciting new areas currently under development include vegan algal proteins, chlorophyll and algae (vegan) omega-3s," Murugappan added.

The nutraceuticals division’s standalone turnover was at Rs 72 crore in 2015-2016 representing 3 percent of the company’s turnover. About 86 percent of this represents exports.

Parry has more than 2 decades of experience in cultivation and processing of microalgae-based nutraceuticals including Organic Spirulina, a recognised dietary supplement with high protein content, Astaxanthin, a powerful antioxidant, Organic Chlorella, which helps in detoxification & healthy ageing, and other phytochemicals.

Parry Nutraceuticals has global customer base for its nutritional supplements in over 35 countries.

Parry Nutra’s US arm, Valensa International based in Florida, is a wholly-owned subsidiary of EID Parry which specialises in development of condition-specific nutraceuticals (addressing joint, eye and cardio-vascular health issues), backed by clinical science and IP.

In 2014, EID Parry acquired Alimtec SA, based in Chile, for cultivation of Heamatococcus Pluvialis for extraction of Astaxanthin, a powerful antioxidant, marketed by Valensa under its trademark Zanthin or Natural Astaxanthin.

Shares of EID Parry rose 0.66 percent to close at Rs 328.10 on BSE, the benchmark Sensex gained 0.23 percent to end at 29,926.15 points.