Date:04/07/2008 URL: http://www.thehindubusinessline.com/2008/07/04/stories/2008070451230300.htm

Back IFC invests $15m in Hikal

Mumbai, July 3

The International Finance Corporation (IFC), a member of the World Bank group, has agreed to invest $ 15 million (about Rs 64 crore) in Hikal by way of equity participation. The investment is to support expansion plans of the company, a Hikal note said. The equity will be offered to IFC through a preferential share allotment, Hikal said, after its board meeting on Thursday. The capital inflows will be used for capacity expansion across Hikal’s manufacturing and rese arch facilities, said Mr Jai Hiremath, Vice-Chairman & Managing Director, in the statement. The expansions will be carried out at Hikal’s existing sites at Jigani (near Bangalore), Panoli (Gujarat) and Taloja (near Mumbai), the note added. 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.

– Our Bureau