IFC plans to invest $ 75 million in Glenmark Pharmaceuticals

International Finance Corporation (IFC) has decided to invest up to $ 75 million in mumbai based Glenmark Pharmaceuticals, which is planning to raise $ 200 million
to reduce debt and expand operations.

IFC said its plans to invest in Glenmark is pending approval of its Board, which is projected to meet on June 22 to take a decision on the same. 

Glenmark has 17 manufacturing facilities globally, of which 13 are in India, 2 in other emerging markets and 2 in developed markets. 


"The company aims to raise up to $ 200 million through market issuance of quasi-equity instruments to finance the project, of which IFC proposes to invest up to $ 75 million," IFC said in a disclosure on investment information. 

The proposed investment will allow Glenmark to expand its manufacturing capacity mainly in India, to build research and development capacity for new molecules and to reduce some debt so that internal accruals can be deployed more for R&D, it added. 

Glenmark has a significant presence in branded generic markets across emerging economies, including India. Its subsidiary Glenmark Generics has a fast-growing and robust US generic business. 

Reference:
http://economictimes.indiatimes.com/articleshow/52784536.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst