IFC, a member of the World Bank Group, is lending $147.5 million (around Rs 866 crore) to Jubilant Pharma Limited to enable better access to quality and affordable pharmaceuticals in underserved markets in India, and across the world.
Of the total financing package, $110 million (Rs 645 crore) is from IFC’s own account. The remaining $37.5 million (Rs 220 crore) is from IFC’s Managed Co-Lending Portfolio Programme, which provides additional long term financing through co-financing partners. The loan would help Jubilant Life Sciences increase focus on the pharmaceutical sector and strengthen its generic drug manufacturing facilities in India.
Shyam S Bhartia, Chairman and Managing Director, Jubilant Life Sciences said, “IFC’s long-term financing package would consolidate our entire pharmaceuticals business under Jubilant Pharma and build global competitiveness.”
Added Vipul Prakash, Director, Manufacturing, Agri-business and Services, Asia Pacific, IFC, “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.”
Jubilant Pharma, a wholly owned subsidiary of Jubilant Life Sciences Limited, is incorporated in Singapore, with manufacturing operations in India, USA, and Canada.