India's Hikal raises $8m debt from IFC
Indian chemical company Hikal, part of the Kalyani Group, will receive $8 million in debt financing International Financial Corporation (IFC).
According to an IFC release, the funds will be used to help finance the Mumbai-headquartered company's $15.5 million program aimed at increasing resource efficiency and reducing greenhouse gases.
Hikal manufactures chemicals for the productions of dyes, agrochemicals and pharmaceuticals. It has plants and facilities in Bangalore, Gujarat, Mahad, Taloja and Maharashtra.
IFC invested $33.7 million in the company in 2008. In exchange for the investment, which was a mix of debt and equity, IFC received an 8.27% stake. The promoter group holds 69% of the company.
Previous investments by the IFC in this sector include Kanoria Chemicals, which it exited in December at a small profit. IFC held a 10.88% stake in the company which it sold for INR244 million ($4.4 million).
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