Jain IV (IFC-40251)

Countries
  • India
Geographic location 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
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Mar 27, 2018
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
JAIN IRRIGATION SYSTEMS LIMITED
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Agriculture and Forestry
  • 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, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 39.89 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 50.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Sep 9, 2019

Disclosed by Bank Feb 22, 2018

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the IFC website, the project is an investment of senior loan in Jain Irrigation Systems Limited, India. Jain Irrigation Systems Limited is one of India’s largest integrated agribusiness players, with operations in Micro Irrigation Systems, plastic pipes and sheets, dehydrated vegetables, processed fruits and other smaller businesses including tissue culture, agri-tech solutions and green energy.

The proposed investment will be used for a combination of capital expenditure in the company’s Micro Irrigation Systems (MIS) business and debt refinancing.

The project's objectives are:

1) Raising farmer incomes: The adoption of MIS and better farming techniques is expected to reduce risk from weather, lower cost of farm inputs such as fertilizers and energy, and also increase yields. This will improve farmer income and have a direct impact on poverty reduction for those at the bottom of the pyramid. 

2) Improved water management: India has 18% of the world's population and only 4% of the fresh water resources, and per capita availability is projected to keep declining. MIS improves water efficiency that will lead to improved water management and a smaller environmental footprint caused by agricultural growth.

3) Improved infrastructure: The Company manufactures pipes used for water supply, sewage, waste management supporting the Government of India's "Swachh Bharat" (Clean India) Mission. 

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Jain Irrigation Systems Limited, together with its subsidiaries, engages in the agriculture business in India, Europe, North America, and internationally. The company operates through Hi-Tech Agri Input Products, Industrial Products, and Non-Conventional Energy segments

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Jain Irrigation Systems Limited Client -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

For inquiries about the project

Mr. Atul B. Jain, Chief Financial Officer
Jain Irrigation Systems Ltd.
7, Kumtha Street, Ballard Estate,
Mumbai – 400 001 India
Telephone: +91 22 22610011
Fax: +91 22 22621177

For inquiries and comments about IFC

General IFC Inquiries
IFC Communications
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384

Local access for project documentation

Company website: http://www.jains.com
Jain Irrigation Systems Ltd.
Jain Plastic Park
N.H. No.6. P.O. Box:72
Bambhori, Jalgaon – 425001
Maharashtra, India.
Tel : +91 - 257 - 225 8011
Fax : +91 - 257 - 225 8111

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/

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How it works