From correspondents in Maharashtra, India, 03:01 PM IST

International Finance Corp (IFC), a World Bank arm, will invest $15 million in Mumbai-based pharmaceutical outsourcing company Hikal by way of equity participation.

The equity will be offered on a preferential allotment basis to finance Hikal's expansion plans, the company said in a regulatory statement Friday.

Hikal specialises in crop protection products and specialty chemicals, and exports active pharmaceutical ingredients and intermediates to the US, Europe and Japan.

Hikal's crop protection facilities are located at Taloja and Mahad in Maharashtra. It also has a research centre in Bangalore and pilot plant facilities at Taloja.

(Staff Writer, © IANS)