EPIC Group (IFC-49180)

Regions
  • South Asia
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
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
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
May 28, 2024
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
Epic Group Holdings Limited
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Industry and Trade
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)
$ 120.00 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 May 15, 2024

Disclosed by Bank Apr 15, 2024


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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, Epic Group Holdings Limited and its subsidiaries are leading apparel manufacturers in Bangladesh and one of the top chino manufacturers globally. Epic is now expanding its operations in Bangladesh and establishing presence in India. The proposed investment will provide Epic with a debt financing package of up to US$120 million in the form of a sustainability-linked loan and a green loan with sustainability-linked features, that will be used to support its expansion in India and Bangladesh. 

Early Warning System Project Analysis
For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

This is a Category B project as per IFC’s Policy on Environmental and Social Sustainability (2012). The key E&S issues include (i) the company's management and monitoring systems to assess and manage E&S risks and impacts from its operations, as well as those related to the construction of new facility in India and expansion of manufacturing facilities in Bangladesh and supply chain management funded under the project ; (ii) consistent management of labor and working conditions and Occupational Health and Safety (OHS) policies and practices, prevention of sexual harassment and Gender Based Violence (GBV); (iii) monitoring and management of waste and wastewater and hazardous materials (iv) life and fire safety risk management and emergency preparedness and response (v) client’s stakeholder engagement activities related to E&S aspects. 

Investment Description
Here you can find a list of individual development financial institutions that finance the project.

The proposed investment will provide Epic with a debt financing package of up to US$120 million in the form of a sustainability-linked loan and a green loan with sustainability-linked features - an A Loan of up to US$60 million, a B Loan of up to US$23.57 million and a senior loan of up to US$36.43 million from IFC acting in its capacity as implementing entity for the Managed Co-Lending Portfolio Program (MCPP).

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.

Epic Group Holdings Limited and its subsidiaries (“Epic” or the “Company”) are leading apparel manufacturers in Bangladesh and one of the top chino manufacturers globally. Epic is now expanding its operations in Bangladesh and establishing presence in India. The Company is wholly owned by Ranjan Mahtani, Sunil Daryanani, and Dinesh Virwani. 

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Epic Group Holdings 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.

Epic Group Holdings Limited
Vidhura Ralapanawe
Executive Vice President - Innovation & Sustainability
94773457355
Vidhura@epichk.com
9th Floor, EGL Tower, 83 Hung To Road, Kwun Tong, Kowloon, Hong Kong SAR, China
www.epicgroup.global

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