VA Tech - HAM Projects (IFC-42588)

Countries
  • India
Geographic location where the impacts of the investment may be experienced.
Specific Location
Kolkata Metropolitan Development Authority area, West Bengal
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
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
Active
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
A
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Nov 4, 2020
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
Ganga STP Project Private Limited
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Infrastructure
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, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 14.05 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 56.80 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 27, 2021

Disclosed by Bank Mar 2, 2021

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the bank's website, "The proposed investment includes subscription to Non-Convertible Debentures of up to INR1,047 million (equivalent to US$14.2 million) and a mobilization of a loan of up to INR712 million (equivalent to US$9.7 million) for Ganga STP Projects Private Limited (“GSPPL” or the “Company”), a special purpose company, incorporated by VA Tech Wabag Limited (“Wabag”) as its wholly owned subsidiary, and which shall include investments by Kathari Water Management Private Limited (“KWMPL”), subject to fulfilment of conditions by Wabag, for the Howrah Sewerage Project in the Kolkata Metropolitan Development Authority (“KMDA”) area, in West Bengal, India (the “Project”)."

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actors Description
A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

The project sponsors are Wabag and KWMPL. Wabag is a technology focused company providing solutions in the water and wastewater treatment space, including Engineering Procurement & Construction and Operations & Maintenance services, across India, South East Asia, Middle East, Africa, Europe and Latin America. It caters to the municipal as well as industrial clients, has executed over 6000 projects globally to date. KWMPL is a portfolio company of the Green Growth Equity Fund. GGEF is a green energy focused fund which shall invest in scalable operating companies and platforms across renewable energy, energy efficiency, energy storage, e-mobility, resource conservation and associated value chains in India. The anchor investors of GGEF are National Investment and Infrastructure Fund, India’s first infrastructure specific investment fund set up by Government of India, and Foreign, Commonwealth and Development Office, Government of UK. GGEF is managed by its investment manager, EverSource Capital Private Limited Capital, a joint venture between Everstone Capital, a private equity firm with business in South East Asia, and Lightsource BP, a solar energy company in Europe.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Ganga STP Project Private Limited Client -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

Ganga STP Project Private Limited
Mr. Rangarajan Sampath
Director
+91-44-6123-2323
rangarajan_sampath@wabag.in
WABAG House, No.17, 200 Feet Thoraipakkam, Pallavaram Main Road, Sunnambu Kolathur, Chennai 600117, India

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

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

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How it works