Craftsman III (IFC-40781)

Regions
  • South Asia
Where the impacts of the investment may be experienced.
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
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
May 29, 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
CRAFTSMAN AUTOMATION PRIVATE LIMITED
The holder of the loan, grant, or other investment.
Sectors
  • Construction
  • Industry and Trade
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)
$ 30.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Mar 29, 2019

Disclosed by Bank Apr 13, 2018


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Project Description

This project is an investment for Craftsman Automation Private Limited in India for capacity augmentation and modernization of the existing facilities through purchase of new machinery and for the expansion of the company. Craftsman Automation Private Limited is a diversified engineering company, with vertically integrated manufacturing capabilities, primarily catering to the automotive and industrial and engineering segments. 

The proposed project is expected to achive the following four project development objectives:

(i) Employment creation and knowledge transfer: The Project will create additional high skill jobs as it expands its operations

(ii) Impact on customers: Customers will benefit from the increase in capacity which will provide a consistent and reliable supply of quality auto component parts

(iii) Impact on suppliers: Craftsman will impact the suppliers through the increase in its business with the existing local suppliers through additional purchases and a broader range of purchases of components

(iv) Increase in taxes: Contribution to the domestic economy through increased tax revenues

Investment Description
  • International Finance Corporation (IFC)
Private Actors

Craftsman Automation Limited operates as a engineering company in India. The company’s Automotive - Powertrain and Others segment provides cylinder blocks and cylinder heads, camshafts, transmission parts, gear box housings, turbo charges, and bearing caps.

Contact Information

For inquiries about the project

Craftsman Automation Private Limited
D Thiyagaraj
Chief Operating Officer
+91-422-3021000, 2209100
thiyagaraj@craftsmanautomation.com
Senthel Towers, 4th Floor1078, Avanashi RoadCoimbatore – 641 018 India
www.craftsmanautomation.com

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

Craftsman Automation Private Limited
Senthel Towers, 4th Floor
1078, Avanashi Road
Coimbatore – 641 018.
Tel: +91-422-3021000, 2209100
Fax: +91-422-3021056
Email:mohan@craftsmanautomation.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/