Submerged cultivation of a high yielding strain of Aspergillus terreus DRCC 122 for the production of lovastatin in the batch process had limited success with a maximum titre of 1270 mg l-1 in 288 h and an overall volumetric productivity of 4.41 mg l-1 h-1 in a 1000 l bioreactor. A cost effective repeated fed-batch process with maltodextrin and corn steep liquor feed as carbon and nitrogen sources, respectively, showed a significant increase in lovastatin yield. The final titre was 2200 mg l-1 in 288 h of fermentation, with overall volumetric productivity of 7.64 mg l-1 h-1, showing an increase of 73% over the batch process. The kinetic parameters were studied; maximum specific oxygen uptake rate (QO2) and volumetric mass transfer coefficient (KLa) were 0.24 m mole O2 g-1 dry cell wt. h-1 and 280 h-1, respectively, in fed-batch process.