Aqualite Co-Inv (IFC-42217)

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
Jan 31, 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
LIGHTHOUSE INDIA FUND III, 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)
Fund
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 10.00 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 Jan 17, 2019

Disclosed by Bank Dec 21, 2018


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Project Description

According to the bank website, Lighthouse India Fund III, Limited (the “Fund”) and its investment advisor, MUSE Capital Advisors, Limited (“Lighthouse”) offered to IFC a co-investment opportunity (through its Fund) in Aqualite Industries Private Limited (the “Company”), a leading manufacturer of mass-market footwear in India. IFC is an investor in the Fund, a US$183.6 million growth equity fund focused on lower mid-market companies in India. IFC invested US$20 million in the Fund in 2018 and has a 10.89 percent ownership stake in the Fund. IFC is planning to invest up to US$10 million, subject to final allocation by Lighthouse.

Investment Description
  • International Finance Corporation (IFC)
Private Actors

According to IFC, the project is sponsored by the Fund, a Mauritius based public company limited by shares, with limited life. The Fund invests in lower mid-market companies in India spanning sectors such as consumer goods (personal care & lifestyle and food & beverage), agriculture, building materials, healthcare and financial services. Lighthouse serves as the Fund’s investment advisor, in accordance with the Mauritius Securities Act 2005. The Fund is investing in the Company through a Special Purpose Vehicle (“SPV”), Lighthouse India III Holdings, Limited created solely for the purpose of this investment.

Contact Information

MUSE Capital Advisors, Limited, Investment Advisor to Lighthouse India Fund III, Limited
Mr. Mukund Krishnaswami
Managing Partner

mk@lhfunds.com
C/o SGG Fund Services, 33, Edith Cavell Street, Port Louis, Mauritius
lhfunds.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/