EP Tyre I (IFC-37319)

Countries
  • Indonesia
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jan 27, 2016
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
PT ELANGPERDANA TYRE INDUSTRY
The holder of the loan, grant, or other investment.
Sectors
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 25.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 42.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 2, 2017

Disclosed by Bank Dec 21, 2015


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Project Description
This project finances the expansion of Indonesia's tire manufacturing capacity by investing in PT Elangperdana Tyre Industry, a tire company company that manufactures budget premium tires for the domestic and international replacement market.
Investment Description
  • International Finance Corporation (IFC)
PT Elangperdana Tyre Industry is owned 62% by the Setijo family, 33% by strategic partner ZAFCO Otani Ventures Limited, a joint venture between ZAFCO group and Otani Tire Company Limited, Thailand, and 5% by United Tires Limited, UK, a major distributor for the Company. ZAFCO Otani Ventures Limited is headquartered in Dubai and an established international distributor of automotive tires, batteries and lubricants. Otani Tire Company Limited is a privately owned company specializing in manufacture of various types of commercial bias tires.
Contact Information
Mr. Sudarmo Ali, Plant General Manager Phone: +62 813 1110 8555 E-mail: mailto:sudarmo_ali@eptyres.com Address: PT Elangperdana Tyre Industry Jl. Elang - Desa Sukahati, Citeureup Bogor 16810, Indonesia ACCOUNTABILITY MECHANISM OF IFC The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/