Kalyani Group Firm - Hikal Limited is planning to raise $8 Mn debt from IFC. The funds will be used for financing the Company’s proposed program to invest up to $15.5 Mn in resource efficiency and GHG abatement projects.

Founded in 1988 by Jai Hiremath, Hikal is engaged in manufacturing of intermediates for dyes, specialty chemicals, pharmaceuticals, agrochemicals and API for pharmaceuticals industry.

The company has a contract research arm –Acoris Research which is currently in gestation phase, thereby providing end to end services from API custom synthesis, analytical development and scale up to commercial manufacturing.

The Company is headquartered in Mumbai and has manufacturing plants and facilities at 5 locations in the country - in Bangalore, Panoli (Gujarat), Mahad, Taloja and Pune (Maharashtra). As Company is located in industrial zones, there are no communities in the immediate vicinity of the facilities.

In 2008 IFC invested $33.73 Mn, part in loan and equity for capacity expansion of the company. Currently, IFC hold around 8.27% stake in the company.

Recently, IFC was planning to infuse debt in Snowman Logistics, HDFC, Avanse Financial Services, Ratnakar Bank and Smart Value Homes.

Latest PE activities in this sector includes - Fidelity Growth Partners India made a R30 Cr investment in Richcore Lifesciences, an innovation-driven company focused on development and manufacture of industrial enzymes that have global relevance; Temasek was in talks with Advent International for the stake sale in Medreich Pharma.

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