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.
Project Contact: Hemir Doshi
ETC Agro Processing (India) Private Limited
Contact No.: +91 22 66221533
Email Address: email@example.com
Office Address: DGP House, 3rd Floor, Unit 3, B-Zone 1, 88C Old Prabhadevi Road, Prabhadevi, Mumbai - 400025
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