Dishman Pharma to take loan from International Finance CorpOctober 27th, 2008 - 5:22 pm ICT by IANS
Ahmedabad, Oct 27 (IANS) Dishman Pharmaceuticals and Chemicals Ltd is raising a foreign exchange loan from the International Finance Corp, part of the World Bank group, to fund its expansion projects, to be executed in the next three years, the company announced.However, the amount of the loan sought has not been disclosed.
Part of the loan will be invested to set up new facilities at the company’s existing manufacturing site in Bavla, about 30 km from Ahmedabad. Dishman will also invest around $10 million to establish a manufacturing facility in Shanghai in China.
The balance amount will be invested in overseas subsidiaries and joint ventures.
Dishman, a leading provider of the contract research and contract manufacturing services (CRAMS), reported a net sales income of Rs.3.6 billion last year.