Pharma major Granules India to invest $84 million in expansion

Investment will be backed by IFC, which has three previous exposures to the company

Hyderabad-based pharma major Granules India Limited is planning to invest $84 million in setting up new capacities, expanding existing ones and investing in R&D to improve its product mix in favour of higher value-added products. The investment will be backed by World Bank's investment arm International Finance Corporation (IFC).

The project cost is proposed to be financed with debt of $68.5 million, including a corporate loan of up to $47.5 million from IFC's own account, and the rest through equity and internal accruals, according to the project disclosure.

IFC has made three investments in Granules till now, including debt and equity