India’s Bio Fabric Technology (BFT) is expanding exponentially in a bid to capture a growing market.
The firm has sold its bio-materials manufacturing unit to a Bengaluru-based venture called BioFab.
The new venture will provide the company with its main revenue stream, which will be focused on its biorefinery, which manufactures bio-infused materials.
The company’s main revenue streams will include its bio fabric, a market segment that is growing at a rapid pace.BFT’s business is driven by a combination of manufacturing and distribution.
This growth has also led to the expansion of its bio product line, which now encompasses the following bio-products: bio-textiles, bio-foam, biofuel and bio-waste.
BioFab is also working on the manufacture of bio-contaminants, a major business segment.
According to the latest figures from the National Sample Analysis Centre (NSC) , BioFab’s sales grew by more than 7,400% year on year in the year ended March 31, 2017.
It was a whopping 9,300% increase in the last quarter of last year, which was the company’s second consecutive quarter of growth.
BioFiber is a key player in the sector.
The firm, which has a presence in more than 50 countries, is also expanding its footprint in India with its Bio Fabric Distribution (BFD) unit, which is now operational.
Bio Fabric has already made an investment in the BFD unit and is now in talks with other BFD players.
BFD will handle the distribution of BioFibre and BioFusion products.
It has also invested in BioFab Manufacturing’s plant in Mumbai.
Bio Fab and Bio Fiber are the only two companies that have been investing in bio-tech in India.
According the NSC, BioFibrin’s revenues grew by 7,836% year and BioFab has grown by more in the same period, growing to Rs2,095 crore from Rs1,845 crore in the previous financial year.
Bio Fibrin is also in talks to make a similar investment in BioFIBre, which aims to manufacture BioFubes in India and beyond.