Bangalore: Biotechnology major Biocon India Limited plans to invest over Rs 500 crore on its expansion plans over the next two years.

The Bangalore-based Biocon is finalising plans to raise debt capital of $ 30 million (Rs 150 crore) from domestic and foreign financial institutions for funding the expansion, of its facilities for Statin, research and biological and monoclonal anti-bodies, Biocon chairperson Kiran Mazumdar Shaw told reporters.

Besides the $ 30 million raised through debt, she said, the expansion would be funded by internal accruals.

Biocon recorded a profit of Rs 50 crore on a revenue of Rs 285 crore in last fiscal, Shaw said, adding the company was aiming at a revenue of Rs 520 crore and profit of Rs 120 crore during 2003-04.

She said Biocon was in the process of human clinical trials development for its recombinant human insulin, for which it is in discussions with firms in several countries, and was expected during the first quarter of next year.

On the firms initial public offer plans, Shaw said, the company would finalise the book makers by the year-end and the issue, with a 10 per cent dilution in equity stake, would be held in 2004.

About 70 per cent of the Biocon equity is held by Shaw and her family, 15 per cent employees, 12.5 per cent with AIG, which it bought from ICICI Ventures and the remaining 2.5 per cent with other investors.

PTI