USHER AGRO LIMITED (FMO-45037)

Regions
  • South Asia
Where the impacts of the investment may be experienced.
Countries
  • India
Where the impacts of the investment may be experienced.
Financial Institutions
  • Netherlands Development Finance Company (FMO)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
A
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
Dec 15, 2015
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
Usher Agro Limited
The holder of the loan, grant, or other investment.
Sectors
  • Agriculture and Forestry
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)
$ 7.52 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported INR 503.25 MLN
Converted using 2015-12-15 exchange rate.
Loan Amount (USD)
$ 7.52 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported INR 503.25 MLN
Converted using 2015-12-15 exchange rate.
Other Related Projects
Primary Source

Original disclosure @ FMO website

Updated in EWS Jul 7, 2018


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Project Description

According to FMO website, the Usher Agro Limited, one of the largest single location integrated rice mills in the world, will be receiving an USD 7.5 mln subordinated loan from IDF, this loan will be on-lent in the form of (quasi) equity to Usher Eco Power Limited. The project aims to increase the Solvency of Usher Eco Power Limited, as the loan will be on-lent to Usher Eco Power in the form of (quasi-) equity. Further, it will use the waste product of the rice milling in Usher Agro Limited to produce electricity. Furthermore, the ensuing rice husk ash will serve as the basis for production of precipitated Silica, which has mutliple uses, a.o. in the tyre industry. The project fits well within the strategy of Agri (food production at Usher Agro) and Energy (Electricity production in an energy deprived state in India), and is classified as green.

Investment Description
  • Netherlands Development Finance Company (FMO)
Contact Information

No contact information provided at the time of disclosure. 

ACCOUNTABILITY MECHANISM OF FMO

Communities who believe they will be negatively affected by a project funded by the Dutch Development Bank (FMO) may be able to file a complaint with the Independent Complaints Mechanism, which is the joint independent accountability mechanism of the Dutch Development Bank (FMO) and the German Investment Corporation (KfW) . A complaint can be filed in writing, by email, post, or online. The complaint can be filed in English or any other language of the complainant. The Independent Complaints Mechanism is comprised of a three-member Independent Expert Panel and it can provide either problem-solving, compliance review or both, in either order. Additional information about this accountability mechanism, including a guide and template for filing a complaint, can be found at: https://www.fmo.nl/independent-complaints-mechanism