Early Warning System

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

Approved

Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.

Bank Risk Rating

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

WayCool Foods Private 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)

Guarantee

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.

Project Cost (USD)

$ 24.40 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

Public Information Summary [Original Source]

Other Related Projects

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

Primary Source

Original disclosure @ DFC website

Updated in EWS Jun 10, 2020

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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 bank documents,"OPIC will provide a five-year guarantee of a loan denominated in Indian Rupees (“INR”) and issued by an Indian commercial bank to the Borrower (the “Loan”). The Borrower will use the proceeds of the Loan to meet working capital needs as the company grows its food distribution network ahead of demand and expands into new regions and food products."

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.

US Sponsors: 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 Sponsors: 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 provided at the time of disclosure.