IFC commits $147m to India's Jubilant Pharma

The company is a Singapore-incorporated subsidiary of Jubilant Life Sciences, a global pharmaceuticals player with manufacturing operations in India, the US and Canada. The investment will allow the parent group to strengthen its generic drug development facilities in India.

Of the total financing package, $110 million is from IFC's own account and the remaining $37.5 million will come from the group's managed co-lending portfolio program, through which partners can participate in investments.

"Health is a priority sector for IFC in India. There is an urgent need to expand access to affordable and quality healthcare, especially among low-income communities," said Vipul Prakash, the group's director for manufacturing, agribusiness and services in Asia Pacific. "This investment will contribute towards making the Indian pharmaceuticals sector globally competitive, and improve access to affordable medicines to a wider population."

Jubilant Life Sciences produces active pharmaceutical ingredients, generics, specialty pharmaceuticals, and life science ingredients. It also provides services in contract manufacturing and drug discovery and development.

Recent India healthcare investments by IFC include a $45 million commitment to Fortis Healthcare in April 2013. A year earlier it backed Fortis' diagnostics unit, Super Religare Laboratories. IFC has also invested in dialysis chain Nephrocare Health Services in March 2014 and Ravindranath GE Medical Associates (RGE), which operates under the Global Hospitals brand in May 2013.

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• Topics
• Healthcare
• North Asia
• Expansion
• healthcare
• India
• Growth capital
• IFC