In the present research work, the pigment producing actinomycetes was isolated from a rhizosphere soil of ornamental plants and identified as Streptomyces coelicolor MSIS1 (FR856603).The pigment was produced in shake flask as well as in bioreactor. The results were evident that there was threefold increase in the pigment production in bioreactor compared with shake flask.The extracted pigment was characterized based on TLC, HPLC and FT-IR. The HPLC data showed that the compound may be one of actinorhodinic acid but on the other side FT-IR data infers that there were no presence of aromatic ring but prominent aliphatic stretch has been found.