IFC to invest $15m in Hikal
The International Finance Corporation (IFC), a member of the World Bank group, has agreed to invest US$15m (Euro 9.5m) in Indian outsourcing company Hikal by way of equity participation.
The International Finance Corporation (IFC), a member of the World Bank group, has agreed to invest US$15m (Euro 9.5m) in Indian outsourcing company Hikal by way of equity participation.
The investment will be used to take Hikal's expansion plans forward at the company's existing API and pharmaceutical intermediates manufacturing facilities sites in Jigani (near Bangalore), Panoli (Gujarat) and its pilot plant facilities at Taloja (near Mumbai).
"Building long-term strategic partnerships is the fundamental basis on which Hikal operates and we welcome IFC's financial support as part of our growth strategy," said Jai Hiremath, vice chairman and managing director. "The significant capital inflows will be used for capacity expansion across our manufacturing and r&d facilities."
