IFC to invest $50-M in Life Sciences firm Hikal

IFC is to invest USD 50 million in Mumbai-based, publicly-listed Hikal Ltd, a manufacturer of active intermediates and ingredients for global pharmaceutical, crop protection, animal health and specialty chemical companies. Hikal also provides discovery research and development support to companies in pharmaceuticals and crop protection. The firm is undertaking a multi-year capital expenditure plan across its facilities for product and capacity expansion. Promoter Jai Hiremath and family hold a 69% stake in Hikal. The balance is held by financial institutional investors and the general public. The company has manufacturing facilities at Mahad, Taloja and Pune (all in Maharashtra), Panoli (Gujarat) and Jigani (Karnataka).