The main aim of this study was to isolate the pullulan producing yeast like fungus, the exopolysaccharide, pullulan and examine both the yeast like fungus and the product. Leaves and flowers were collected from the top of the hill with different climatic conditions compared to the plains. The yeast like fungi were isolated and cultured using a specific enrichment media to procure the product and the yeast like fungus producing it. Two varieties of pullulan were found, one pigmented and the other non-pigmented because of presence of two different strains. Leghaemoglobin, from the nodules of groundnut plant, was added to the product to prevent its oxidation, which is one of the main problems faced by commercially used pullulan. The leghaemoglobin was mixed in a buffer solution, to maintain the pH at 4, which is optimum for the yeast like fungus. The culture was subjected to anaerobic conditions by incorporation of leghaemoglobin in the culture media. The growth of the yeast like fungus stopped completely indicating the obligate aerobic nature of the yeast like fungus. Lactophenol cotton blue test was conducted and the morphological analysis confirmed the nature and structure of the yeast like fungus. © RJPT All right reserved.