According to IFC website, the project involves the subscription by IFC to Non-Convertible Debentures issued by Bajaj Finance Limited for on-lending to micro small and medium enterprise. The investment would increase availability of financing to the MSME segment which lacks adequate access to finance despite being a key driver of the Indian economy. Within the SME space the transaction also intends to reach low income states and women-owned SMEs. SMEs in low income states have historically been under financed despite the region having a significant percentage of SMEs, support in this area will aid their inclusion into the formal financial system. Finally, since SMEs in India employ close to 40% of the workforce, access to credit for these entities will help them achieve scale while enhancing sector competitiveness and job creation.
There is often limited information publicly available about what development banks are funding through financial intermediaries. In 2021, the Early Warning System partnered with Oxfam International to incorporate information on high-risk projects being funded by financial intermediaries receiving funding from the International Finance Corporation (IFC) and the Dutch Development Bank (FMO).
The information listed below describes the relationship between the different private actors linked to high-risk sectors and subprojects of IFC and FMO's financial intermediary investments and/or the financial intermediary's parent companies made from 2017 through 2020, including any associated ring fences.
The database, however, does not explicitly or implicitly imply that IFC or FMO have material exposure to or are contractually or legally accountable to the sub-projects financed by their financial intermediaries or the financial intermediary's parent companies. It only shows a seemingly financial relationship among the different private actors, the financial intermediaries, and IFC or FMO.
Bajaj Finance Limited (BFL) is a diversified NBFC operating across different business segments - Consumer (43%), SME (42%), Commercial (12%) and Rural (3%). As of Dec 31, 2016, BFL has total assets under management of around US$ 9.23 billion and has reached out to more than 19 million customers through a widespread network branches and customer touch points.
BFL is part of the Bajaj Group, one of the largest corporate houses in India engaged in auto manufacturing and financial services. Bajaj Finserv Limited, the holding company for the financial services businesses of the Bajaj Group, owns 57.3% of BFL and also holds interests in life and general insurance. Bajaj Finserv reported a market cap of US$10.6 billion in Mar’16.
|Private Actor 1||Private Actor 1 Role||Private Actor 1 Sector||Relation||Private Actor 2||Private Actor 2 Role||Private Actor 2 Sector|
|Bajaj Finserv||Investor||Finance||invests in||Ashar Ventures||Parent Company||Industry and Trade|
|Bajaj Finserv||Investor||Finance||invests in||Destiny Hospity Svcs Pvt Ltd||Parent Company||Industry and Trade|
|Bajaj Finserv||Investor||Finance||invests in||Divyasree Holding Pvt Ltd||Parent Company||Infrastructure|
|Bajaj Finserv||Investor||Finance||invests in||Kolte-Patil Developers Ltd||Parent Company||Industry and Trade|
|Bajaj Finserv||Investor||Finance||invests in||Kolte-Patil I-Ven Twn (P) Ltd||Client||Industry and Trade|
|Bajaj Finserv||Investor||Finance||invests in||Piramal Enterprises Ltd||Parent Company||Industry and Trade|
|Bajaj Finserv||Investor||Finance||invests in||Prima Bay Pvt Ltd||Parent Company||Industry and Trade|
|Bajaj Finserv||Investor||Finance||invests in||PRL Developers Pvt Ltd||Client||Industry and Trade|
|Bajaj Finserv||Investor||Finance||invests in||Reliable Exports (India) Pvt||Parent Company||Industry and Trade|
|Bajaj Finserv||Investor||Finance||invests in||Rmz Corp||Parent Company||Industry and Trade|
|Bajaj Finserv||Investor||Finance||invests in||RMZ Infotech Pvt Ltd||Client||Industry and Trade|
|Bajaj Finserv||Investor||Finance||invests in||Sheth Developers Ltd||Parent Company||Industry and Trade|
|Kolte-Patil Developers Ltd||Parent Company||Industry and Trade||owns||Kolte-Patil I-Ven Twn (P) Ltd||Client||Industry and Trade|
|Piramal Enterprises Ltd||Parent Company||Industry and Trade||owns||PRL Developers Pvt Ltd||Client||Industry and Trade|
|Rmz Corp||Parent Company||Industry and Trade||owns||RMZ Infotech Pvt Ltd||Client||Industry and Trade|
Project Contact: Mr. M. M. Muralidharan
Head- Treasury, Bajaj Finance Limited
Email Address: firstname.lastname@example.org
Office Address: 3rd Floor, Panchshil Tech Park, Plot 43/1,43/2 & 44/2, Viman Nagar, Pune – 411 014
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/