Piramal Capital and Housing Finance Limited (IFC-41814)

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
Proposed
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
May 20, 2019
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
PIRAMAL CAPITAL AND HOUSING FINANCE LIMITED
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.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 150.00 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)
$ 150.00 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 Apr 23, 2019

Disclosed by Bank Apr 8, 2019

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Project Description

According to IFC website, the proposed investment comprises s senior debt investment in Piramal Capital & Housing Finance Limited, a housing finance company. The expected development impact is to provide access to housing finance. This will help in expanding the outreach of access to housing finance loans. IFC's support to PCHFL is aimed at supporting PCHFL's strategic intention to grow its affordable housing portfolio in a significant way in the near term. 

Investment Description
  • International Finance Corporation (IFC)

IFC proposes to invest up to US$150 million in PCHFL in the form of senior debt investment. In addition, IFC would assist PCHFL in mobilizing up to an additional US$200 million through Parallel Loans.

IFC’s loan will be utilized for on-lending to retail housing finance sector. 

Private Actors

PCHFL is a 100% owned subsidiary of Piramal Enterprises Limited (PEL). Key shareholders of PEL other than the Promoter Group include East Bridge Capital Master Fund & I Limited (6.3%), Life Insurance Corporation of India (3.48%) and Aberdeen Global Indian Equity Limited (1.3%).  The Promoter of PEL is Mr. Ajay Piramal. 

Contact Information

Piramal Capital & Housing Finance Limited
Ms. Dimple Kapur
Group Head Branding & Corporate Communications
+91 22 61513400
Email Address: dimple.kapur@pirmal.com 
Lower Parel West, Lower Parel, Mumbai 400013
http://www.piramal.com/contact-us/enterprises

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/