International Finance Corp (IFC) is looking to invest up to $75 million (about Rs 500 crore) in Glenmark Pharmaceuticals Ltd as part of a larger fundraising plan of the drugmaker, the private-sector lending arm of the World Bank said in a disclosure.

The Mumbai-based firm is planning to raise around $200 million by issuing quasi-equity instruments and IFC will be the anchor investor. The drugmaker plans to use the funds to expand its manufacturing capacity, build research and development capacity for new products and reduce debt, IFC said.

The company plans to invest a "significant" amount in capital expenditure over the next three years across its facilities in India, IFC said.

The World Bank arm said that its presence as an anchor investor will help attract other investors and that Glenmark values IFC's ability to fund future rounds as it implements its growth plans.

Glenmark has 17 manufacturing facilities globally, of which 13 are in India. The majority of its manufacturing facilities are in smaller towns and cities, including in Indore, Madhya Pradesh and Ranipool, Sikkim.

The company also plans to launch several products in India and other emerging markets over the next three years covering cardiology, diabetes, dermatology and respiratory, all of which are major healthcare issues in India.

Glenmark is controlled by the Saldanha family, which held a 46.48% stake in the company as of 31 March 2016. The remaining stake is held by public shareholders.

In April last year, Singapore state investment arm Temasek Holdings invested Rs 945 crore ($151 million then) for a 3.83% stake in Glenmark.

In the pharmaceutical sector in India, IFC has previously invested in companies including Vivimed Labs Ltd, Granules India Ltd and Orchid Pharma Ltd, according to VCCEdge, the data research platform of VCCircle. In May 2014, IFC agreed to lend $147.5 million to Jubilant Pharma Ltd, the Singapore-based subsidiary of Jubilant Life Sciences Ltd.

In the broader healthcare sector, the World Bank arm last month decided to invest about $68 million in Apollo Health and Lifestyle Ltd. IFC also came in as an anchor investor in Bangalore-based oncology chain HealthCare Global Enterprises Ltd in March. 

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