A novel type III polyketide synthase (RePKS) from Rhizobium etli produced a heptaketide pyrone using acetyl-CoA and six molecules of malonyl-CoA. Its catalytic efficiency (kcat/Km = 5230 mM−1 min−1) for malonyl CoA was found to be the highest ever reported. Molecular dynamics studies revealed the unique features of RePKS.