The demand for industrial enzymes of microbial origin is ever increasing due to their applications in a wide variety of industrial processes. Enzyme mediated reactions are attractive alternatives of existing tedious and expensive chemical methods. Enzymes such as Lipase find their great use in a large number of industries such as food, dairy, detergent, textile, and cosmetic. However, with the realization of the biocatalytic potential of microbial lipases in both aqueous and nonaqueous media in the last one and a half decades, industrial fronts have shifted towards utilizing this enzyme for a...