Suminter (IFC-38967)

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
Oct 16, 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
Suminter India Organics Private Limited
The holder of the loan, grant, or other investment.
Sectors
  • Agriculture and Forestry
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 20.00 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)
$ 25.00 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 Oct 26, 2017

Disclosed by Bank Sep 1, 2017


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Project Description
Suminter India Organics Private Limited (“Suminter” or the “Company”), established in 2004, is engaged in sourcing, processing and exporting of certified organic products from India. IFC's investment will help the Company expand its procurement and processing operations across the states of Madhya Pradesh, Rajasthan, Odisha, Maharashtra and Karnataka (the “Project”) at an approximate cost of up to $ 25 million. The proposed IFC investment would be used for funding additional working capital needs for growth for the next few years and capital expenditure for the expansion of its existing processing facilities in Madhya Pradesh .
People Affected By This Project
Project-level impacts: (1) Stakeholder impacts: An additional 14,000 farmers in the low-income states of India will benefit from the project by gaining an access to the market and learning better farming techniques, thus, resulting in improvement in incomes (through higher yields and better quality output). (2) Value addition and employment: The project will source from certified organic farms and the products from these farms typically fetch better realisations than conventional products. The project will also generate direct and indirect employment across various parts of the supply chain such as storage and transportation, particularly in the frontier, low income regions of India. Market-level impacts: (3) Inclusiveness: As certified organic products typically sell at a premium to conventional products, the farmers including those in the frontier regions would have an opportunity to enhance their incomes. Without such a project, the traditional farmers in low income states might not have been able to participate in the global organic products market.
Investment Description
  • International Finance Corporation (IFC)
Contact Information
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/