DCM 2025 (IFC-51544)

Countries
  • India
Geographic location where the impacts of the investment may be experienced.
Specific Location
Ajbapur, Bharuch, Gujarat, Hariawan, Jhagadia, Kota and Loni
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
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."
Borrower
DCM Shriram 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)
$ 150.00 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.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Dec 27, 2025

Disclosed by Bank Oct 31, 2025

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Contact the EWS Team

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 is through Non-Convertible Debentures (“NCDs”) of up to INR 13,125 million (US$150 million equivalent) issued to DCM Shriram Limited to partly finance the Company’s capex plan for FY25 to FY27. The Project is expected to comprise (i) aluminum chloride and calcium chloride production facility at a new site in Jhagadia, Bharuch, Gujarat; (ii) maintenance, project capex and refinancing of loans for the sugar mills at Loni, Hariawan and Ajbapur and  distillery plants in Ajbapur and Hariawan (all in Uttar Pradesh) (iii) maintenance and project capex for chlor-alkali production in Kota, Rajasthan; and (iii) long-term working capital of the Company.

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 – Medium Risk project according to IFC's Policy on Environment and Social Sustainability (2012). Based on information reviewed by IFC, the proposed project will have medium adverse E&S impacts that are site specific and readily addressed through existing mitigation measures and good international industry practices (GIIP).

Key E&S risks associated with the plants funded by IFC are related to E&S management systems and capacity at the corporate and plant levels, risks of child and forced labour as well as OHS in the primary supply chain, process safety management, hazardous chemical handling, transportation and storage, hazardous waste generation and disposal, air emission control and process effluent treatment and disposal, alignment with WBG EHS general and sector guidelines, Life & Fire Safety, Gender Based Violence (GBV) policy, and labor compliance and working conditions & contractor management.

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

The proposed investment comprises of a senior, secured loan of up to US$150 million in INR equivalent through unlisted NCDs with a tenor of 10 years (with 2 years of grace period).

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.

DCM Shriram is an integrated Indian company present in three major segments (i) agri-rural business (sugar, ethanol, urea, hybrid seeds, crop protection and plant nutrition products),(ii) chemicals (caustic soda, chlorine, calcium carbide, aluminum chloride, polyvinyl chloride (PVC)) and Fenesta Building Systems. DCM Shriram is owned and managed by three Shriram brothers – Mr. Ajay S Shriram, Mr. Vikram S Shriram and Mr. Ajit S Shriram (together “Sponsors”) who collectively have a 66.5% shareholding in DCM Shriram. The Company is listed on the Bombay Stock Exchange and National Stock Exchange of India (NSE) in India and has a market capitalization of US$2.2 billion (as on 30th June 2025). 

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - DCM Shriram 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.

DCM Shriram Limited
Himanshu Bokaria
Head, Treasury & Investor Relations
+91 11 42100200
himanshubokaria@dcmshriram.com
Worldmark 1, 2nd Floor (West Wing) Aerocity New Delhi-110037 India
https://www.dcmshriram.com/

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

How it works

How it works