Granules III

active

Granules India Limited (“Granules” or the “Company”) – an existing IFC client - is an Indian pharmaceutical company engaged in the manufacturing of Active Pharmaceutical Ingredients (APIs), Pharmaceutical Formulation Intermediates (PFIs) and Finished Dosages (FDs) of a variety of drugs, including over-the-counter ones. The Company sells its products mainly in the US, Europe, Latin America and India. Granules has wholly-owned manufacturing plants near Hyderabad in India (Jeedimetla, Bonthapally, and Gagillapur) and in Vishakhapatnam, India along with a R&D and manufacturing facility in Virginia, USA Further, through its joint ventures, it   has one plant in China and yet another manufacturing plant in Vishakhapatnam, India. . The Company is undertaking an investment program directed towards setting up new capacity, expanding existing capacities and investing in R&D to improve its product mix in favor of higher value-added products. A large part of the investment program is in the form of capital expenditures in India (the “Project”), which is estimated to cost about US$84 million. The Project includes building a greenfield API manufacturing facility in Vishakhapatnam, India, expanding existing API and PFI capacities, investment in R&D, quality assurance ("QA”), and quality control("QC”), investment  in other general capital expenditures at existing facilities,  and additional warehouse capacity.