JK Paper III (IFC-39821)

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
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
Jun 22, 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
JK Paper 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)
$ 51.92 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)
$ 100.00 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 Aug 4, 2017

Disclosed by Bank May 22, 2017


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Project Description
JK Paper Limited ("JKPL"), an existing IFC client, is a leading Indian producer of office papers, packaging boards, printing and writing papers, and specialty papers, and is publicly listed on both the Bombay Stock Exchange and the National Stock Exchange of India. IFC’s investment aims to help the Company improve its productivity and restructure its balance sheet, in the process preparing the Company to capitalize on growth opportunities expected to be available in the sector in the short to medium term. The proposed project consists of (i) capacity and efficiency improvement capital expenditures at the two existing plants and (ii) refinancing of existing debt.
Investment Description
  • International Finance Corporation (IFC)
The Company is part of the JK Organisation group of companies that is run by the Singhania family of India. According to the bank, the Singhania family has a legacy of over 125 years and runs the well-respected JK Organisation which was established in 1888. JK Organisation group owns 54.99% of the Company, while the public own 45.01%. The total project cost is estimated at approximately US$100 million. The proposed IFC investment is in the form of secured non-convertible debentures (“NCDs”) of up to INR3.35 billion (US$50 million equivalent).
Contact Information
JK Paper Limited Mr. V. Kumaraswamy Chief Finance Officer and Head of Strategy +91 30179510 vkmr@jkmail.com JK Paper Limited, Nehru House, 4 Bahadur Shah Zafar Marg, New Delhi, 110002, India www.jkpaper.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/