IFCI Venture Capital (IVCL) has invested $4.6 million (Rs 20 crore) in Ahemadabad-based Marck Biosciences Ltd. The company is involved in manufacturing of sterile dosage products and with this round of funding plans to open up a new plant. Marck Biosciences is planning to set up a new plant along its existing facility in Kheda, which would require an additional capital of Rs 60 crore. The additional capital would be sourced through further borrowings and internal accruals. The company had revenues of Rs 56 crore last year, a quarter of which came from exports.
From the new facility, Marck plans to manufacture formulations and injectables in glass vials, sterile ointments, mono-dose ophthalmics and lens cleaning solutions for global markets. The new facility, in which Marck has already invested Rs 140 crore, is slated to open in 2010-11. Marck has a presence in 55 countries across Latin America, South-East Asia and Africa and plans to expand into 15 more countries now. Some of the clients of Marck are Sun Pharma, Zydus Cadilla and Torrent Pharma.
IVCL is the venture capital arm of IFCI Ltd. Some of the other companies in IVCL portfolio are Biotech Consortium India, Anik Industries and Speck Systems. IVCL recently announced the launch of three funds whose corpus total at Rs 1,000 crore. While one of them is a private equity fund with mandate to invest in automotive component industry, other two are VC funds, one is general and other to invest in cleantech companies.