Hikal receives IFC investment
The International Finance Corporation (IFC), a member of the World Bank group, has agreed to invest $15 million in Indian agrochemical and pharmaceutical outsourcing company, Hikal (Mumbai), by way of equity participation. The equity will be offered to IFC in a preferential share allotment. This investment will be used for expansions of Hikal’s production facilities at Jigani (near Bangalore), Panoli (Gujarat) and Taloja (near Mumbai). The company has inaugurated a multipurpose production facility at Taloja for the supply of active ingredients to Bayer CropScience, with which it signed a long-term supply agreement in March ( Agrow No 540, p 1).