International Finance Corporation (IFC) is planning to invest up to $75 million (around Rs 500 crore) in Glenmark Pharmaceuticals. The pharma major is aiming to raise up to $200 million through market issuance of quasi-equity instruments in order to reduce debt and expand operations, of which IFC proposes to invest up to $75 million.
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.
Glenmark Pharmaceuticals is a pharmaceutical company headquartered in Mumbai, India. It manufactures and markets generic formulation products and active pharmaceutical ingredients, both in the domestic and international markets.
