By IANS
New Delhi : International Finance Corp (IFC), the World Bank's private sector division, Thursday said it would invest $15 million in pharma major Granules India Ltd.
Granules India will utilise the money to expand its capacity to reach its target customers and increase its competitiveness.
"We feel this relationship gives us a wider horizon to explore possibilities for innovative financing," Granules India managing director Krishna Prasad said in a statement.
According to Dimitris Tsitsiragos, IFC's director of global manufacturing and services: "Our investment will provide financing to Granules over a long-term horizon, essential for the company's growth strategy. We believe that the company has put together a capable management team to harness the market opportunities."
Hyderabad-based Granules India is a leading contract manufacturer of active pharmaceutical ingredients and pharmaceutical formulation intermediates.
IFC, which supports private sector-led development through direct investment to promote growth, has invested over $400 million in various projects across India during the 2005-06 fiscal.