Our investment
Description of the investment.
Description of the investment.
Through this fund, we are supporting the growth of the life sciences sector in India while also driving high environmental sustainability standards and climate change mitigation.
Our investment will support in building a platform of over 5m sq. ft. specialised green building space for use by life sciences firms. This investment is expected to create jobs for semi- and low-skilled workers. The investment is also eligible for 2X.
Impact information
Applies to investments made from 2019 onwards. The tabs in this section define what we expect to achieve through the investment, assessing the potential impact of the investment against six dimensions of impact. You can find more details on our methodology of assessing impact here.
Applies to investments made from 2019 onwards. The tabs in this section define what we expect to achieve through the investment, assessing the potential impact of the investment against six dimensions of impact. You can find more details on our methodology of assessing impact here.
What?
| Impact |
|---|
|
|
|
How?
| Primary | Secondary |
|---|---|
|
We are supporting the growth of the life sciences sector in India while driving high environmental sustainability standards and climate change mitigation, by financing the development of a pipeline of leasable, specialised, green buildings space for use by life sciences firms. This investment will also create jobs for semi- and low-skilled workers in maintaining and operating the facilities. |
This investment will act as an economic enabler, by increasing life sciences firms' access to flexible, specialised space, enabling further research, development and manufacturing activity. |
Who?
| Stakeholder | Geography | Characteristics |
|---|---|---|
| Customers |
India |
The tenants are primarily expected to operate in the contract research, manufacturing, biotech and pharma spaces. |
| Planet |
India |
|
| Employees |
India |
Expected to be a combination of semi-skilled staff (e.g. engineering, equipment maintenance, environmental, health and safety), and low-skilled staff (e.g. housekeeping). security). |
How much?
| Scale | Depth/Duration |
|---|---|
|
Customers: The fund plans to develop over 5m sq. ft. of real estate space. |
|
Contribution/additionality
| Contribution/additionality |
|---|
|
We are the first investor in the platform apart from the sponsor, Actis. It has secured a commitment for the full project pipeline to be built to green buildings standards. |
Risk
Evidence RiskThe fund is expected to have limited visibility into tenant's areas of research / manufacturing due to IP protection requirements, making it difficult to directly monitor the ultimate impact on firms' activity and end customers. Execution RiskThis is a new subsector within the real estate space and the impact outlined is dependent on building a successful pipeline and securing tenant demand. |
Environmental and social information
-
Environmental and social summary
A high-level description of the environmental and social aspects of the investment. This may include a summary of key environmental and social risks identified during environmental and social due diligence (ESDD); key elements of an environmental and social action plan (ESAP); or ways in which we plan to support the investee improve environmental and social standards, such as through their environmental and social management system (ESMS); as well as any other priority areas agreed with the investee.
-
Environmental and social risk
A risk category rating, which indicates the level of environmental and social risk associated with an investment. For an explanation of the categorisations used, see here. We consistently provide an environmental and social risk category for all investments screened from 2023 onwards.
Environmental and social summary
We have agreed on an environmental and social action plan (ESAP) focused on strengthening the E&S policies and framework at Rx. We are also contributing to strengthening the existing Rx ESG committee.
Environmental and social risk
Medium-High
Reporting and Complaints Mechanism
The Reporting and Complaints Mechanism allows anyone outside BII to report alleged breaches of the business integrity or environmental and social provisions of BII’s Policy on Responsible Investing. This includes breaches made by BII, a BII investee, or a portfolio company of a fund in which BII has invested. The Reporting and Complaints Mechanism Rules are available here. Reports and complaints can be submitted by email to reportsandcomplaints@bii.co.uk or by mail. See more details on our Reporting and Complaints Mechanism here.
For any other general enquiries contact us at enquiries@bii.co.uk
-
Key facts
- First published
:
When the investment was first published on the website database.
- June 2024
- Last updated
:
When the last quarterly update of the website database occurred.
- June 2024
- Project number
:
An identifier number shared by investments in the same project.
- D6196
- Status
:
The current status of the investment (green flag for active and red flag for exited).
- Active
- Region
:
The geographical region where the country is located. We currently invest in Africa, South Asia, South East Asia and the Caribbean. In 2023, BII’s investment mandate was extended allowing it to invest in regional funds linked to Ukraine, with the majority of activity expected to begin post-war. Investments outside these regions were made prior to 2012 under previous investment mandates.
- South Asia
- Investment type :
- Fund
- Start date :
- February 2024
- Amount :
- $31.5m
- Currency of investment :
- USD
- Fund Manager:
- Actis LLP
- Domicile
:
The company or investment fund’s place of incorporation.
- India
We provide capital in the following ways: directly – through direct equity, direct debt, guarantees and other non-intermediated financial instruments; and indirectly – principally through investment funds.
For direct investments and fund investments, this is the date BII committed capital to the investments. This is typically the date on which legal agreements are signed by all parties.
For the portfolio companies of our fund investments, this is the date (either the month or the quarter) on which the fund committed capital to the portfolio company.
For direct equity investments, this is the date at which British International Investment exited the investment.
For debt investments, this is the date at which the final debt repayment was made.
For funds, this is the date at which the fund was terminated.
For underlying fund investments, this is the date at which the fund manager exited the investment.
The total amount committed, per financial instrument, per investment, on the date BII becomes subject to a binding legal obligation to provide funding or assume a contingent liability. This information is provided in US dollars.
For direct investments, this is the amount that BII has committed to the business or project. For fund investments, this is the amount BII has committed to the fund.
The currency in which the investment was made.
- Climate finance
:
Indicates whether the investment is climate finance qualified or partially climate finance qualified and the type of climate finance (adaptation, mitigation or both). We define climate finance using the multilateral development bank (MDB) and the International Development Finance Club (IDFC) Common Principles climate finance methodology. See Common Principles for Climate Mitigation Finance Tracking and Common Principles for Climate Change Adaptation Finance Tracking. We provide the climate finance qualification and type for commitments from 2020 onwards, which is when we launched our Climate Change Strategy.
- Partially qualified
- Climate finance type:
- Mitigation
- 2X Gender Finance
:
Indicates whether the investment is ‘2X qualified’ using the 2X Challenge criteria. You can find out more here. It only applies to investments made from 2018 onwards, when the 2X Challenge was first launched.
- Fully qualified
- First published
Investments made by this fund into companies:
For further information about these companies, visit https://www.act.is/
| Investment name | Country | Region | Sector | Start date | Status |
|---|---|---|---|---|---|
| RX Propellant Pvt. Ltd | India | South Asia | Construction and real estate | June 2024 | Active |
