Craftsman III (IFC-40781)

Countries
  • India
Geographic location where the impacts of the investment may be experienced.
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
Approved
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."
Voting Date
May 29, 2018
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
CRAFTSMAN AUTOMATION PRIVATE LIMITED
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Construction
  • 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)
$ 30.00 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.
Primary Source

Original disclosure @ IFC website

Updated in EWS Sep 9, 2019

Disclosed by Bank Apr 13, 2018

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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.

This project is an investment for Craftsman Automation Private Limited in India for capacity augmentation and modernization of the existing facilities through purchase of new machinery and for the expansion of the company. Craftsman Automation Private Limited is a diversified engineering company, with vertically integrated manufacturing capabilities, primarily catering to the automotive and industrial and engineering segments. 

The proposed project is expected to achive the following four project development objectives:

(i) Employment creation and knowledge transfer: The Project will create additional high skill jobs as it expands its operations

(ii) Impact on customers: Customers will benefit from the increase in capacity which will provide a consistent and reliable supply of quality auto component parts

(iii) Impact on suppliers: Craftsman will impact the suppliers through the increase in its business with the existing local suppliers through additional purchases and a broader range of purchases of components

(iv) Increase in taxes: Contribution to the domestic economy through increased tax revenues

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

Craftsman Automation Limited operates as a engineering company in India. The company’s Automotive - Powertrain and Others segment provides cylinder blocks and cylinder heads, camshafts, transmission parts, gear box housings, turbo charges, and bearing caps.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Craftsman Automation 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.

For inquiries about the project

Craftsman Automation Private Limited
D Thiyagaraj
Chief Operating Officer
+91-422-3021000, 2209100
thiyagaraj@craftsmanautomation.com
Senthel Towers, 4th Floor1078, Avanashi RoadCoimbatore – 641 018 India
www.craftsmanautomation.com

For inquiries and comments about IFC

General IFC Inquiries
IFC Communications
2121 Pennsylvania Avenue, NW
Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384

Local access for project documentation

Craftsman Automation Private Limited
Senthel Towers, 4th Floor
1078, Avanashi Road
Coimbatore – 641 018.
Tel: +91-422-3021000, 2209100
Fax: +91-422-3021056
Email:mohan@craftsmanautomation.com

ACCOUNTABILITY MECHANISM OF IFC

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