DCM L&TF (IFC-42279)

  • 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
Bank Risk Rating
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 2, 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.
L&T Financial Services
The holder of the loan, grant, or other investment.
  • Agriculture and Forestry
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 125.00 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 1, 2019

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description

According to the bank website, the proposed investment will "support the agriculture segment in India by helping L&TF augment its farm equipment financing portfolio. L&TF will match IFC’s investment 3x by contributing up to US$375M for the same end-use, and at least 60% of the combined fund will be utilized for on-lending to the low-income states of India.L&TF is the rural financing focused arm of L&T Finance Holdings which is the financial services holdco of the L&T Group. L&TF loan book comprises of: (i) rural (54%) (ii) real estate financing (18%), (iii) wholesale financing (26%) and (iv) others (2%). The rural book, which is the focus segment of this entity can be further segmented into farm equipment financing, 2-wheeler financing and micro loans. As of December 31, 2018, L&TF’s AUM stood at INR435B (US$6.04B) and equity at INR90B (US$1.25B). IFC may also mobilize additional funding from other investors for the project."

Investment Description
  • International Finance Corporation (IFC)
Private Actors

According to IFC, "L&TF is a wholly owned subsidiary of L&T Finance Holdings Limited (L&TFH), the financial services arm of Larsen and Toubro Limited (L&T). L&TFH, through its operating companies, is engaged in rural, housing and wholesale/infrastructure finance as well as investment and wealth management. L&TFH services about 12M customers with pan-India presence. It reports an asset base of over US$14B. L&TFH’s largest shareholder is Larsen and Toubro Limited which is a major global technology, engineering, construction, manufacturing and financial services conglomerate." 

Contact Information

L&T Financial Services
Mr. Kumar Ayashkanta
Head-Treasury Strategy & Ratings Group
+91 22 6212 5795
CST Road Kalina, Santacruz (East), Mumbai - 400098, India


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/