WASHINGTON – On the sidelines of Indian Prime Minister Narendra Modi’s State Visit to Washington this week, the U.S International Development Finance Corporation (DFC) announced two projects expanding its sustained commitment to investing in India’s private sector and deepening the economic ties between the two countries.
DFC CEO Scott Nathan formalized DFC’s investment in support of the manufacturing and deployment of Genus Power Infrastructures’ smart meters in the form of a $49.5 million loan. The transaction will support expansion of the Jaipur-based company’s work to improve the reliability of power distribution and advance the clean energy transition.
Also on Friday, CEO Nathan signed a letter of intent to consider a $50 million loan application from GeneSys Biologics. The investment would help increase production of insulin biosimilars providing greater availability and affordability of critical diabetes treatments in India and beyond. These two projects build on DFC’s significant commitments to India’s private sector in priority sectors where there is enduring demand for high quality, impactful projects.
To mark these announcements and discuss continued partnership, CEO Nathan joined Department of Health and Human Services Deputy Assistant Secretary Gary L. Disbrow; Genus Power Infrastructures Limited Representative David Ehrhardt; and GeneSys Biologics Private Limited Director Roopesh Kondrella.
“The economic relationship between the United States and India is at the heart of the strong ties between our two countries,” said DFC CEO Scott Nathan. “As we explore additional commitments in GeneSys Biologics, Genus, and other Indian companies, we build on a strong investment base that has driven real developmental impact and advanced the relationship between India and the United States. DFC is open for business in India and committed to using each of our tools to help advance private sector led development in one of the world’s most important markets."
The investment in Genus is the latest in a series of important transactions in India’s energy sector. Notably, last year DFC provided a $500 million loan to a U.S.-based company, First Solar, which is opening a solar panel manufacturing facility in Tamil Nadu later this year. The facility will produce solar panels outside of supply chains where strategic competitors of the United States have influence.
DFC’s intent to consider funding to GeneSys Biologics and its efforts to scale their production capacity of insulin biosimilars by ten times, builds on important work DFC has financed to support India’s development of more robust health-systems. These projects include a $50 million loan to expand manufacturing capacity to Biological E. Limited to produce vaccines in country, a loan guaranty to Eye-Q Vision Private Limited to expand vision care, and a loan guaranty to Soothe Healthcare to expand manufacturing of women’s hygiene products for underserved communities.
Finally, as one of many important initiatives emerging from Prime Minister Modi’s visit, India and the United States are also teaming up to launch Open RAN deployments in both countries to demonstrate the scalability of this technology, with support from DFC and USAID.
The U.S. International Development Finance Corporation (DFC) partners with the private sector to finance solutions to the most critical challenges facing the developing world today. We invest across sectors including energy, healthcare, critical infrastructure, and technology. DFC also provides financing for small businesses and women entrepreneurs in order to create jobs in emerging markets. DFC investments adhere to high standards and respect the environment, human rights, and worker rights.