FMO intends to invest up to USD ~15mln in SFPHCL as part of a consortium of investors led by Incofin. The objective of the funding is to finance (1) capacity expansion in the Nashik processing plant, (2) a biomass plant, (3) additional collection centres and packhouses, and (4) the growth of the Company's domestic supply chain.
This investment considers an E&S risk and impact category B+ due to its agro-industrial nature and potential impacts beyond the boundaries of the site, through its network of producers (farmers). IFC PS 1-4 and PS-6 are triggered. Key risks relate to labour, health and safety, and prevention of pollution and biodiversity impacts. The Company has various ESG-relevant certifications as it delivers to international offtakers, and applies good agricultural practices (GAP). FMO will support further strengthening of the E&S performances at both the site and supply chain levels.
Sahyadri Farms Post Harvest Care Limited ("SFPHCL") procures, processes and markets fruits & vegetables for the export and domestic markets. The Company is based in Nashik, India. It is a majority-owned subsidiary of Sahyadri Farmer Producer Co. Ltd., a farmer owned Farmer Producer Organization ("FPO"). SFPHCL sources produce from >15k mostly small and medium-sized farmers, who are further supported by the FPO through a farmer facilitation program. SFPHCL is currently the largest grapes exporter and tomato processor in India.
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