IndusInd-Waycool Foods and Products Private Limited (DFC-2019-INDUSINDWAYCOO)

Regions
  • South Asia
Geographic location where the impacts of the investment may be experienced.
Countries
  • India
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • US International Development Finance Corporation (DFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
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
Way Cool Foods Private Limited
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Agriculture and Forestry
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)
$ 5.50 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.
Loan Amount (USD)
$ 5.50 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.
Project Cost (USD)
$ 24.44 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
Other Related Projects
Primary Source

Original disclosure @ DFC website

Updated in EWS Oct 30, 2022

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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 DFC, the proposed project is expected to have a high developmental impact through support for a company providing a farm-to-fork supply chain for a full range of food products in India. The Project operates a food distribution platform, which sources foodproducts from a wide range of suppliers across 51 regions in 10 states and distributes them through multiple channels across 20 cities and towns in the states of Tamil Nadu, Karnataka, and Andhra Pradesh.In India and elsewhere, the logistics of getting agricultural and agribusiness goods to market is the biggest challenge for farmers. India’s Associated Chambers of Commerce estimates that the country loses approximately $ 14 billion annually in post-harvest losses. Moreover, crops worth approximately $19 million are wasted in India on a daily basis due to rejection at the farm gate and delays in the distribution process. The Project will also have a positive impact on the farmer community through technical guidance on all elements of farming including planning, grading, sorting, post-harvest handling, food safety management, and tools. In addition, the Project will help India achieve UN Sustainable Development Goal 2 (Zero Hunger).

 

 

 

 

 

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

U.S. Sponsor: Soros Economic Development Fund, a nonprofit corporation organized under the laws of Delaware, Sanjay Dasari, Vinod Dasari, and Sarita Dasari, individual U.S. Citizens.

Foreign Sponsor: Aspada Investment Company (24.10%), an investment holding company incorporated in Mauritius, Lightstone Fund S.A. (22.72%), Karthik Jayaraman (9.59%), Sakal Papers Private Limited (3.58%)

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - WayCool Foods Private 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.

No contact information was provided at the time of disclosure.

ACCESS TO INFORMATION

Unlike many other development finance institutions, DFC does not currently have an access to information policy.

Under the United States Freedom of Information Act (FOIA), DFC is obliged to respond to reasonably formulated requests for Agency records. However, DFC may apply exemptions from release to certain types of information and may charge fees in responding to requests. DFC has a designated FOIA officer who is trained in how to respond to requests and implement the law. You can learn more about filing a FOIA request at: https://www.dfc.gov/foia

ACCOUNTABILITY MECHANISM OF THE UNITED STATES INTERNATIONAL DEVELOPMENT FINANCE CORPORATION (DFC)

The Office of Accountability is an independent office that addresses complaints about environmental or social issues related to DFC-supported projects. The office provides communities an opportunity to have concerns independently reviewed and addressed. If you submit a complaint to the Office of Accountability, it may assist you by either seeking to address your problems by facilitating a problem solving dialogue between you and those implementing the project and/or investigating whether the DFC complied with its policies to prevent environmental, social, human rights, and labor harms.

You can find more information about the Office of Accountability at: https://www.dfc.gov/who-we-are/office-accountability

How it works

How it works