ETC India (IFC-39370)

Regions
  • South Asia
Where the impacts of the investment may be experienced.
Countries
  • India
Where the impacts of the investment may be experienced.
Specific Location
Port of Kolkata
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
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
Approved
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
Mar 29, 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
ETC AGRO PROCESSING (INDIA) 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 Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 30.13 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Loan Amount (USD)
$ 30.13 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)
$ 98.00 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 Jul 6, 2018

Disclosed by Bank Feb 24, 2017


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Project Description

According to IFC website, the proposed investment is a US$ 30 million IFC A Loan of 5-year tenor in India’s largest pulses processing and marketing platform, ETC Agro Processing India Private Limited, to support its pulses milling expansion in Kolkata, India. ETC Agro is a 60% subsidiary of ETC Group, one of IFC’s key clients in Africa. The development impacts of the project are: 

1. Food and Nutrition Security: As a result of the Project, the Company's increased pulses processing capacity will contribute to food and nutrition security in India, as it will help reduce the gap between actual and WHO recommended levels of protein intake, while following international food safety standards.

2. Domestic Manufacturing Capacity Building and Job Creation: In supporting the building of one of the largest pulses processing facilities in the world, the IFC investment supports the expansion of domestic processing of pulses (instead of importing "processed" pulses), providing an impetus to Government of India initiatives of 'Make in India' and 'Skill India'. This will generate incremental jobs and income, government revenues and widen the tax base as well as support economic growth.

3. Northeastern States: The funding will be used entirely towards setting up a processing facility in West Bengal, one of the lower income states in India.

Investment Description
  • International Finance Corporation (IFC)
Contact Information

Project Contact: Hemir Doshi

ETC Agro Processing (India) Private Limited

Contact No.: +91 22 66221533

Email Address: hemir.doshi@etgworld.com

Office Address: DGP House, 3rd Floor, Unit 3, B-Zone 1, 88C Old Prabhadevi Road, Prabhadevi, Mumbai - 400025

Website: www.etgworld.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/