Company Watch

IFC to invest in Ocimum Biosolutions

Our News Bureau - Mumbai

The Hyderabad-based Ocimum Biosolu-tions announced that International Finance Corporation (IFC), the private sector arm of the World Bank Group, will invest $6.5 million of equity, for a minority stake, and debt in the company. Funds raised from this transaction will be used for financing both organic, as well as inorganic growth of the company.

Anuradha Acharya, Founder and CEO of Ocimum Biosolutions expressed her happiness to have IFC as a partner for growth. "These are exciting times for Ocimum and to have IFC as an investor in the company brings a lot of confidence in our clients and partners," she expressed. This is Ocimum's first round of fund raising from private equity investors. The company is contemplating another round of fund raising in the next 18-24 months. Ocimum plans to ramp up the business fast and has thus adopted the inorganic way to development.

Commenting on the investment, Iyad Malas, Director, IFC, South Asia, said that IFC's support to Ocimum will provide with the much needed growth capital to establish an internationally competitive contract research outsourcing company and promote the discovery of new drugs at lower costs.