IFC to invest US$ 15mn in Hikal

Hikal Ltd, the preferred long-term outsourcing partner for leading global life sciences companies, today announced that the International Finance Corporation (IFC), a member of the World Bank group, has agreed to invest US$ 15 million in Hikal by way of equity participation. This investment will be used for the expansion plans of Hikal.  

The equity will be offered to IFC by way of preferential share allotment which was approved at the meeting of Company’s Board of Directors held on July 3, 2008.

Mr. Jai Hiremath, Vice Chairman & Managing Director of Hikal Ltd., said, “The IFC investment clearly demonstrates the strength and potential of Hikal. 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. The significant capital inflows will be used for capacity expansion across our manufacturing and R&D facilities.”  

The expansions will be carried out at Hikal’s existing sites at Jigani (near Bangalore), Panoli (Gujarat) and Taloja (near Mumbai).

Earlier this week, Hikal announced the inauguration of a new Multipurpose Agrochemical plant at Taloja for supply of Active Ingredients for Crop Protection Products to Bayer CropScience AG. 

Sourced From: CMCG India Pvt. Ltd