Granules India Limited, a Hyderabad, India-based pharmaceutical manufacturing company, has received approval for $47.5 million in funding from the International Finance Corporation (IFC), a member of the World Bank Group, for expansion projects, including construction of a new greenfield active pharmaceutical ingredient (API) facility in Vishakhapatnam, India.

Granlues produces APIs, pharmaceutical formulation intermediates (i.e., preformulation ingredients), and finished dosage forms.

The proposed investment, IFC’s fourth investment in Granules to date, will partly finance Granules’ investment program that includes establishing new capacity, expanding existing capacities, investing in other general capital expenditure requirement at all existing facilities, and investing in research and development (R&D) to improve its product pipeline to include higher value-added products.

A part of Granules’ investment program is in the form of capital expenditures in India, which is estimated to cost about $84 million, according to the IFC. The program includes building the greenfield API manufacturing facility in Vishakhapatnam; expanding existing API and pharmaceutical formulation intermediates capacities, which includes constructing a new block in the company’s facility in Bonthapally, India; investment in R&D, quality assurance, and quality control; and additional warehouse capacity.

Source: International Finance Corporation and Granules India Limited