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Conditions of the loan stipulated that MASH could appoint up to two directors on the board of RFCL.
"Being named as one of the Best Workplaces in India, especially in the Biotechnology and Pharmaceuticals sector is a matter of great pride for RFCL and an important measure that our policies and practices are comparable to some of the reputed corporate leaders in India," said Sushil Mehta, Managing Director, RFCL.
RFCL was formed through ICICI Ventures' 2005 purchase of Ranbaxy's Fine Chemicals, Diagnostics and Animal Health Care businesses.
US chemistries and materials maker Avantor Performance Materials Holdings SA, former Mallinckrodt Baker, said Wednesday it has agreed on the takeover of Indian RFCL Limited from ICICI Venture Funds Management Company for an undisclosed sum.
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