Ashiana (IFC-38851)

Countries
  • India
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
Proposed
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
Dec 11, 2017
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
Ashiana Housing Limited
The holder of the loan, grant, or other investment.
Sectors
  • Construction
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 23.00 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)
$ 267.00 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 Nov 20, 2017

Disclosed by Bank Nov 6, 2017


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Project Description
The proposed project involves a combination of: (i) IFC investing equity in an INR equivalent of approximately US$23 million in one or more Special Purpose Vehicles (“SPVs”) promoted by Ashiana Housing Limited (“Ashiana” or the “Company” or the “Sponsor”) set up for the development of affordable / mid-income housing and senior living projects in India; (ii) A senior loan of an INR equivalent of US$18 million to Ashiana Housing Limited for general corporate purposes.
People Affected By This Project
1. Stakeholder Impact: Access to affordable / mid-income housing for customers in the Low-Income State (LIS) of Rajasthan and in Tier II cities in India; Access to senior living houses for senior citizens Project to provide 5,000-6,000 units over the next 5-7 years; development of 200 to 250 units for the Economically Weaker Section (EWS) and lower Low Income Group (LIG) segments in the LIS of Rajasthan. 2. Value-added and employment impact: Creation of ~1,800 jobs direct jobs through the Project, a large number of which are expected in the LIS of Rajasthan; jobs will be created in construction, marketing, and sales amongst other verticals; Creation of a number of indirect jobs through supply linkages. 3. Environment Impact and Sustainability: All projects will be executed under the IFC Excellence in Design for Greater Efficiencies (EDGE) or Leadership in Energy and Environmental Design (LEED) certification; 100% of the Project will contribute towards climate change. 4. Competitiveness: Lean operations across verticals to provide demonstration effect to the market; 5. Inclusiveness: Project to develop 5,000-6,000 units in the underserved affordable / mid-income housing segment;
Investment Description
  • International Finance Corporation (IFC)
Contact Information
PROJECT CONTACTS Ashiana Housing Limited Mr. Vikash Dugar Chief Financial Officer +91- 4265 4265 vikash.dugar@ashianahousing.com 304, Southern Park Saket District Centre, Saket,New Delhi – 110017 https://www.ashianahousing.com/ 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/