The Hindu Business Line : IFC offers $15-m funding for Granules

Hyderabad June 14 IFC, the private sector arm of the World Bank Group, today announced an agreement to provide financing for Hyderabad-based Granules India Ltd. The company will use the $15-million investment — loans of up to $9 million and up to $6 million in equity — to expand its active pharmaceutical ingredient and granulation capacities, while vertically integrating into finished formulations.

Wider horizon

"We feel that this relationship gives us a wider horizon to explore possibilities for innovative financing,'' said Mr Krishna Prasad, Managing Director of Granules.

"Our investment in Granules is another example of IFC's continued focus on supporting mid-tier Indian companies with long-term debt and equity investment,'' said Mr Sujoy Bose, IFC Senior Manager for South Asia.

IFC portfolio

"IFC's $1.3-billion portfolio in India (as of June 2006) makes it our fourth-largest country exposure. In FY06, we committed over $400 million in new investments in the country. We support private sector-led development through direct investment and advisory services that promote growth and competitiveness,'' a press release said. Granules India is a major international supplier, primarily of paracetamol and ibuprofen-based products.

The manufacturing facilities of the company have been approved by the United States Food and Drug Administration and other foreign regulatory agencies and are undergoing capacity expansion for which the company had raised funds.

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