• 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.
Bank Risk Rating
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 21, 2018
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.
Zuari Agri Chemicals Limited
The holder of the loan, grant, or other investment.
  • Agriculture and Forestry
  • Finance
  • Water and Sanitation
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, etc.
Investment Amount (USD)
$ 18.30 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 EUR 16 MLN
Converted using 2019-01-02 exchange rate.
Primary Source

Original disclosure @ FMO website

Updated in EWS Jan 17, 2019

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Project Description

According to the bank website, FMO is providing a EUR 16mln Foreign Currency Convertible Bond facility. Zuari will use these funds for their ongoing renovation and expansion program. The investments will further improve Zuari's energy efficiency by more than 20% and will increase the production capacity for urea and ammonia. The revamp of the Goa facilities will prepare Zuari for the future, in line with the fertilizer strategy of the Indian Government, which is based on self-sufficiency and energy efficient production. Since Zuari is a listed company in India, our funding is subject to the approval from its shareholders.

Investment Description
  • Netherlands Development Finance Company (FMO)
Private Actors
Private Actors Description


According to FMO, Zuari Agri Chemicals Limited ('Zuari), incorporated in 1967, belongs to the Adventz Group. Zuari is one of the leading fertilizer conglomerates in India, engaged in the manufacturing and trading of fertilizers. The company produces high-quality complex fertilizers of various grades along with seeds, pesticides, micro nutrients, and specialty fertilizers. The manufacturing complex is located in Goa, India, and also houses a 7.5MW gas based power plant, supplying power to the ammonia and urea plant. The sales are made through a network of approx. 2,700 dealers and almost 100 retail stores. All products are sold and marketed under its brand name 'Jai Kisaan', which is the oldest and one of the most well-known brands in India. The Company is listed at the Mumbai Stock Exchange.

Contact Information

*No contact information available at the time of disclosure. 


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