Mumbai: Pharmaceuticals company Ipca Laboratories Ltd is planning to diversify into the Ayurveda and traditional health care business.

The company, which makes anti-malaria, diabetes and HIV drugs for both the domestic and global generic drug markets, has roped in Ayurveda researcher Vaidya Balendu Prakash as an equity partner in the new venture, Ipca Traditional Remedies Pvt. Ltd.

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Ipca Labs’ executive director A.K. Jain said the new company will focus on medicines for the treatment of migraine, cancer and diabetes based on the classical Ayurveda research.

The company’s initial investment will be about Rs10 crore. It also expects to set up an Ayurveda health care retail chain for the new venture in addition to the manufacturing and marketing of specialty traditional medicines. Ipca, which posted Rs1,085.14 crore in revenue for fiscal 2008, has a drug supply partnership agreement with the US-based not-for-profit Clinton Foundation for anti-malarial treatment.