Glenmark Pharmaceuticals Limited (“Glenmark” or “the Company”) is a global research-led pharmaceutical company with presence across generics, specialty, and OTC business with global presence in over 80 countries. Glenmark’s key therapy focus areas are respiratory, dermatology and oncology.
Through this project, IFC has committed an unsecured A loan of US$40 million to Glenmark on February 12, 2021 through an allocation under the IFC COVID-19 response facility to fund the Company's ongoing capital expenditure program in India and proposed refinancing of foreign currency debt maturities (“Project”). In June 2016, IFC had invested in convertible debt of US$75 million in Glenmark to finance the Company’s expansion project at the time, which has now been completed.
This is a Category B project according to IFC’s Policy on Environmental and Social Sustainability because a limited number of specific environmental and social impacts may result which can be avoided or mitigated by adhering to generally recognized performance standards, guidelines or design criteria.
The company has implemented the E&S Action Plan for the existing investment and has been regularly reporting to IFC through annual monitoring reports and regular updates. One of the on-going actions under the E&S Action Plan is related to developing a detailed plan involving multiple solution themes such as automation, manpower reorganization with an objective to improve worker efficiency and optimize their working hours. The company has committed to complete this implementation by December 2021. Based on IFC’s supervision visits and review of information shared by the company, the E&S performance has been satisfactory till date.
The following are the performance standards applicable to this project:
PS 1 – Assessment and Management of Environmental and Social Risks and Impacts
PS 2 - Labor and working conditions
PS 3 - Resource Efficiency and Pollution Prevention
PS 4 – Community Health, Safety and Security
According to the bank, the key E&S risks and issues associated with this Category B Project include: the company’s capacity and ability to implement robust environment, health and safety management systems both at corporate level and facilities level; engagement with local communities in accordance with local requirements and IFC Performance Standards (PSs); assurance of fair, safe and healthy working conditions in compliance with local regulatory requirements and relevant PSs; resource efficiency of the operations (mainly water and energy); management of organic solvent usage and emissions of volatile organic compounds, other gaseous compounds and particulates; monitoring and management of wastewater treatment and discharge; solid/hazardous waste management; life and fire safety management including emergency preparedness and response; community safety; and sourcing of raw materials and supply chain management and auditing.
Glenmark Pharmaceuticals Limited
Vice President and Global Head - Treasury
+91 90046 55693
Glenmark House, B D Sawant Marg, Andheri (E), Mumbai 400099
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