Original disclosure @ IFC website
Updated in EWS Apr 23, 2019
Disclosed by Bank Apr 8, 2019
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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.
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.
There is often limited information publicly available about what development banks are funding through financial intermediaries. In 2021, the Early Warning System partnered with Oxfam International to incorporate information on high-risk projects being funded by financial intermediaries receiving funding from the International Finance Corporation (IFC) and the Dutch Development Bank (FMO).
The information listed below describes the relationship between the different private actors linked to high-risk sectors and subprojects of IFC and FMO's financial intermediary investments and/or the financial intermediary's parent companies made from 2017 through 2020, including any associated ring fences.
The database, however, does not explicitly or implicitly imply that IFC or FMO have material exposure to or are contractually or legally accountable to the sub-projects financed by their financial intermediaries or the financial intermediary's parent companies. It only shows a seemingly financial relationship among the different private actors, the financial intermediaries, and IFC or FMO.
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.
|Private Actor 1||Private Actor 1 Role||Private Actor 1 Sector||Relation||Private Actor 2||Private Actor 2 Role||Private Actor 2 Sector|
|-||-||-||-||Piramal Enterprises Limited||Parent Company||-|
Piramal Capital & Housing Finance Limited
Ms. Dimple Kapur
Group Head Branding & Corporate Communications
+91 22 61513400
Email Address: email@example.com
Lower Parel West, Lower Parel, Mumbai 400013
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