IFC to invest $60 mn to expand capacity, develop vacciness

The International Finance Corporation (IFC) will infuse $60 million into Hyderabad-based Biological E (BioE).

The funding by the World Bank arm is to help the company introduce new products and expand its vaccine manufacturing
capacity with a new plant.

According to a Business Standard report, IFC said it would be extending a loan to the company and would also subscribe to its non-convertible debentures, in order to part-finance the project.

“IFC’s invesment will support the company’s plan to diversify its product range and increase access to good quality affordable vaccines in India and other developing countries. It will also help create direct and indirect jobs and increase manufacturing capacity in India, said the World Bank’s investment arm,” the report added.

Image Credit : bsmedia.business-standard.com

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