DARP SPV IndiaRF (IFC-40569)

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
Approved
Bank Risk Rating
FI
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, 2018
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
INDIA RESURGENT FUND
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Ring Fence
  • No Restrictions
A financial intermediary is a commercial bank or financial institution that receives funds from a development bank for a specific purpose. A "ring fence" is another name for the specific purpose. Financial intermediaries include insurance, pension and equity funds. A financial intermediary lends these funds to their clients in the form of loans, bonds, guarantees and equity shares.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 200.00 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)
$ 100.00 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)
$ 1,000.00 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 Sep 9, 2019

Disclosed by Bank Mar 26, 2018

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Project Description

According to the IFC website, the project consists of an equity investment in India Resurgence Fund. The Fund seeks to resolve corporate distressed assets in India by primarily making distressed to control investments. The Fund’s final size is expected to be US$1 billion.

The project is expected to revitalize a number of distressed companies, and provide capital relief to banks, helping resolve non-performing loans in India that will help preserve jobs. The project is expected to support the implementation of the new regulatory framework and contribute to a more robust distressed asset market, allowing banks to increase lending.

Investment Description
  • International Finance Corporation (IFC)
Financial Intermediary
Private Actors
Private Actors Description

India Resurgence Fund is a joint venture between Piramal Enterprises Limited and Bain Capital Credit. The focus of this venture is to invest capital in the form of debt and equity in distressed assets and special situations in India, creating positive turnarounds with benefits for all stakeholders.

Contact Information

For inquiries about the project

India Resurgence Asset Management Business Private Limited
Shantanu Nalavadi
Managing Director
+91 22 3046 6487
shantanu.nalavadi@indiarf.com
Piramal Tower, Peninsula Corporate Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai – 400 013

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

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/