Home Dehradun MOU signed with Israeli company on production of algae

MOU signed with Israeli company on production of algae


DEHRADUN, 27 Dec: A Memorandum of Understanding (MOU) between Israeli company Puremagic Limited Chief Executive Officer Tomar Pallad and Uttarakhand Government represented by Chandershekhar Sanwal, Director, Herbal Research and Development Institute (HRDI), on farming, processing and anti-oxidant estrogen Astaxanthin of algae worth Rs 25 crore was signed in the presence of Chief Minister Trivendra Singh Rawat at the Secretariat, here, on Thursday.
CEO Tomar Pallad disclosed that the company uses a species of algae named ‘Haematococcus Pluvialis’ to produce ‘Astaxanthin’, which is used in cosmetics and nutritional supplements. Local partnerships for farming and processing of ‘Astaxanthin’ will be done in Uttarakhand.
The Israeli company has also shown interest in farming and processing of medicinal GMP Cannabis (medicinal cannabis) in Uttarakhand. Pallad stated that there was huge demand for the product in India and in the world market. Puremagic Limited is exploring possibilities of having a tie-up with Indian Industrial Hemp Association (IIHA) for farming and processing of medicinal GMP cannabis (medicinal cannabis) in Uttarakhand. The Israeli delegation inspected the cannabis farm of Indian Industrial Hemp Association (IIHA) at Pauri Garhwal.
Excise Commissioner Deependra Chaudhari said that after receiving the proposal from Puremagic Limited, a MOU will be signed after scrutiny as per the government policy. Chief Minister Rawat said that the state government was making efforts to encourage industry in the state and working to provide employment opportunities, check migration and strengthen local economy based on local resources.
Present on this occasion were Industrial advisor to Chief Minister, KS Panwar, Principal Secretary, Industry, Manisha Panwar, Director, Industry, Sudhir Nautiyal. The Israeli delegation also had Invest India Vice-President Priya Rawat.