IFC to invest USD 6.5 million in Ocimum Biosolutions

Mumbai, Nov 15 (UNI) Ocimum Biosolutions today announced that International Finance Corporation (IFC), the private sector arm of the World Bank Group, will invest US Dollars 6.5 million of equity, for a minority stake, and debt in the company.

Funds raised from this transaction would be used for financing both organic as well as inorganic growth of the company, said a company release here today.

Ocimum Biosolutions Founder and CEO Anuradha Acharya said, ''We are very happy to have IFC as our partner for growth. These are exciting times for Ocimum and to have IFC as an investor in the company brings a lot of confidence in our clients and partners.'' IFC's Director (South Asia) Iyad Malas, said ''IFC's support to Ocimum will provide the company its much-needed growth capital to establish an internationally competitive contract research outsourcing company and promote the discovery of new drugs at lower costs. We will also help institute improved corporate governance standards.'' This is Ocimum's first round of fund raising from private equity investors. The company is contemplating another round of fund raising in the next 18-24 months. Recently, it had acquired a Europe based oligo manufacturer. The company is also scouting for more targets in the European market.

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