A memorandum of understanding (MoU) was signed between Israeli company Puremagic Limited and the state government was signed for farming, processing and anti-oxidant estrogen Astaxanthin of algae worth Rs 25 crore on Thursday. The MoU was signed in the presence of chief minister Trivendra Singh Rawat between the Israeli company chief executive officer Tomar Pallad and Herbal Research and Development Institute (HRDI) director Chandrashekhar Sanwal representing the state government.
Pallad informed that the company uses a species of algae -- Haematococcus Pluvialis for producing Astaxanthin which is used in cosmetics and other nutrient supplements. As part of the MoU, local partnership for farming and processing of Astaxanthin will be done in Uttarakhand.
The Israeli company has also shown interest in farming and processing of medicinal cannabis in Uttarakhand. Pallad informed that there is huge demand for the medicinal uses of the product in India and in the international market. He said that Puremagic Limited company is exploring possibilities of having tie up with Indian Industrial Hemp Association (IIHA) for farming and processing of medicinal cannabis in Uttarakhand. Earlier, the Israeli delegation also visited the cannabis farm of IIHA in Pauri district. The State’s Excise commissioner Deependra Kumar Chaudhari said that after receiving the proposal from Puremagic Limited, an MoU will be signed after scrutiny as per the government policy.
Meanwhile, chief minister Trivendra Singh Rawat said that state government is making efforts to encourage industry in the state and working to provide employment opportunities, check migration and strengthen local economy based on local resources. He assured all kind of support from the state government for the effective implementation of the proposals.