New Delhi, May 8 (PTI) Rajasthan Antibiotics Ltd (RAL) is planning to raise Rs 50 crore via venture capital (VC) funding by September this year. Also Read - Smart City Index 2020: Indian Cities Drop in Global Smart City Index; Singapore On Top

The funding would be utilised to expand company’s operations, RAL said in a statement. Also Read - International Flights: Air India Plans To Operate Special Flight From Basra To New Delhi On September 17 | Details Here

“Our next target is to generate a revenue of Rs 500 crore by 2020 and strengthening our position in the ever-growing niche segment of steriles,” RAL MD Ashish Pruthi said. Also Read - Sex on Their Minds! Online Sale of Sex Toys Rises to 65% Post COVID-19 Lockdown in India, Mumbai Tops the List

Incorporated in 1986, the company commenced commercial production 1991. It manufactures active pharmaceutical ingredients (API).

This is published unedited from the PTI feed.