Fullerton Masala (IFC-39061)

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
Active
Bank Risk Rating
FI
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
Jun 15, 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
Fullerton India Credit Company Limited
The holder of the loan, grant, or other investment.
Sectors
  • Finance
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)
$ 89.57 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported INR 6.8 billion
Converted using 2017-04-20 exchange rate.
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 1, 2018

Disclosed by Bank Apr 20, 2017


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Project Description

The proposed project involves the subscription by IFC to Masala Bond (Rupee Denominated)/ Non-Convertible Debentures issued by Fullerton India Credit Company Ltd. (“FICCL”, the “Company”)/ Fullerton India Home Finance Company Limited (“FIHFC”) for on-lending to micro, small and medium enterprise (“MSME”), sectors and business permitted under applicable laws/regulations.

Established in 2007, FICCL is a leading Non-Banking Finance Company registered with Reserve Bank of India. The Company has a strong focus on lending to rural and urban micro and small enterprises and also caters to mid-sized SMEs. FICCL also offers loans for affordable housing to salaried and self-employed individuals through it is fully owned subsidiary FIHFC.

As of Dec 31, 2016, FICCL has total assets under management of around US$ 1.88 billion and has reached out to more than 1.6 million customers through a widespread network of 528 branches spread across 22 states & 3 union territories, reaching out to 600 towns and 48,000 villages in the country.

Investment Description
  • International Finance Corporation (IFC)

FICCL is a fully owned subsidiary of Temasek, through its holding company Fullerton Financial Holdings (“FFH’). FFH has 9 operating entities, all in Banking and Financial Services, located across 8 countries in Asia. FFH focuses on the SME and mass market customer segments across Asia, which fits well with IFC's mission.

Private Actors

Established in 2007, FICCL is a leading Non-Banking Finance Company registered with Reserve Bank of India. The Company has a strong focus on lending to rural and urban micro and small enterprises and also caters to mid-sized SMEs. FICCL also offers loans for affordable housing to salaried and self-employed individuals through it is fully owned subsidiary FIHFC. As of Dec 31, 2016, FICCL has total assets under management of around US$ 1.88 billion and has reached out to more than 1.6 million customers through a widespread network of 528 branches spread across 22 states & 3 union territories, reaching out to 600 towns and 48,000 villages in the country.

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/

CONTACTS

Fullerton India Credit Company Ltd.
Mr. Arvind Sampath
Head- Treasury
91 22 6749 1234
arvind.sampath@fullertonindia.com
Floor 5&6, B Wing, Supreme Business Park, Powai, Mumbai -76
http://www.fullertonindia.com