Titan (IFC-48310)

  • South Asia
Geographic location where the impacts of the investment may be experienced.
  • India
Geographic location 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
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
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
Jul 17, 2023
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.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Finance
  • Industry and Trade
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, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 119.63 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.
Currency conversion note:
Bank reported 9840
Converted using 2023-07-28 exchange rate.
Primary Source

Original disclosure @ IFC website

Updated in EWS Sep 14, 2023

Disclosed by Bank Jul 18, 2023

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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 project comprises a primary equity investment in Federal Bank Limited (“FBL” or the “Bank”), the seventh largest private sector bank in India, for up to INR9.84 billion (approximately US$120 million equivalent), by International Finance Corporation (IFC), IFC Financial Institutions Growth Fund, LP (FIG), and IFC Emerging Asia Fund, LP (EAF). The primary equity will strengthen the Bank’s Tier 1 capital adequacy ratio, which will allow it to accelerate its lending, including to MSMEs and for climate finance. The investment will support the Bank’s commitment to financial inclusion and support it operationalize its strong commitment to sustainability and climate finance. The proposed transaction is subject to all required approvals.


Given the Bank's size and diversity of operations, it has exposure to companies operating in high-risk sectors such as infrastructure, chemicals, heavy industries, and large plantations. Some of these sectors and industries, by the nature of their operations, may have high E&S risks and impacts such as those related to Occupational Health and Safety, environment, community health and safety, biodiversity, cultural heritage, involuntary resettlement, and Indigenous Peoples. Hence, the Project has been categorized as FI-1 in accordance with IFC's Environmental and Social Sustainability Policy. The applicable performance requirements to manage the E&S risks of the Bank's activities will be: i) the IFC- FI Exclusion List; ii) the host country E&S laws and regulations; and iii) IFC Performance Standards. In line with the Green Equity Approach, the Bank made a commitment to reduce its long-term project finance and/or corporate finance exposures to coal-related projects to 50 percent by December 2025 (from 2021 levels) and to zero by December 2030.The Bank also agreed on terminating financing of any new coal-related assets, including coal-fired power plants once IFC became a shareholder in the Bank. Accordingly, the Bank has not taken any new exposure to long-term project finance and/or corporate finance for the development of new coal related projects since IFC became a shareholder in 2021, and the historical exposure stands at Zero percent of the portfolio as of March 2023 (down from 3.5 percent at the time of IFC's last investment in 2021). The Bank has working capital facilities to companies involved in coal-related activities at the level of 0.57 percent of the portfolio (down from 1.6 percent at the time of IFC's last investment in 2021). In addition, the Bank has agreed to disclose in its annual reports information on Category A projects (the name, location by city, and sector) committed after IFC investment as well as the Bank's exposure to coal related projects as a percentage of its portfolio.

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Financial Intermediary
A financial intermediary is a bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
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.

 FBL is the seventh largest private sector bank in India with assets of US$31.7 billion as of March 2023. The Bank has a diversified loan book comprised of retail, agricultural, MSME, and corporate loans. FBL has 1,355 branches spread across India, with 65% branches in semi urban and rural India. The Bank through its vast network reaches the underserved segments and addresses their financing needs through its diverse products and services. FBL is headquartered in Aluva, Ernakulam, Kerala, India and has 1,355 branches across India.

FBL is listed on the Bombay Stock Exchange and the National Stock Exchange and has a market capitalization of US$3.2 billion as of July 13, 2023. FBL has a well-diversified shareholding structure with no promoter or sponsor holding. As of March 31, 2023, 34.0 percent of the Bank’s shares were held by mutual funds (MFs), 27.0 percent by foreign portfolio investors (FPIs), 9.7 percent by other Financial Institutions (including insurance companies), 28.9 percent by retail investors (individual investors), and the remaining 0.4 percent by others.

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.

Federal Bank Limited
Souvik Roy
Head, Investor Relations
P.B. No 103 Aluva, Eranakulam, Kerala – 683101


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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.


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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