IfC to invest USD 15 mn in Hikal

Mumbai, Jul 3 (UNI) Leading life sciences company Hikal Ltd today announced that International Finance Corporation (IFC), a member of the World Bank group, has agreed to invest 15 million US Dollars in Hikal by way of equity participation to fund its expansion plans.

The equity would be offered to IFC by way of preferential share allotment, which was approved at the meeting of Company's Board of Directors held here today.

Company vice chairman and Managing Director Jai Hiremath, in a release, said ''The IFC investment clearly demonstrates the strength and potential of Hikal.'' Building long term strategic partnerships is the fundamental basis on which Hikal operated, he said and added that the significant capital inflows will be used for capacity expansion across the comapny's 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).

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