DCM IIFL Home (IFC-47475)

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
  • 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
Proposed
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
U
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
Mar 20, 2023
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
IIFL Home Finance Ltd
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Construction
  • Finance
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)
$ 100.00 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 Feb 15, 2023

Disclosed by Bank Feb 9, 2023

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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.

The proposed project is a senior secured loan (or INR bond) of up to US$100 million equivalent to a new client, IIFL Home Finance Limited (the Company), for a tenor of up to 6 years. The Project will involve proceeds being used to promote affordable housing for women borrowers from Economically Weaker Sections and Low Income Groups segments. Discussions are also underway for part of the proceeds to be used for financing retail purchases of green affordable housing. The Company is in the process of discussing an Advisory project to help develop its green affordable housing business.                                                    

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.

IIFL HF was established by IIFL Finance Limited which holds 79.6% and acts as the promoter of the Company. In Aug-22, Abu Dhabi Investment Authority, a sovereign wealth fund owned by the Government of the Emirate of Abu Dhabi, UAE, acquired 20.4% stake in the Company. The Promoter, IIFL Finance, is owned by Nirmal Jain and his family that hold 24.90% in IIFL Finance. IIFL Finance is listed with market capitalization of US$ 2.4bn and 75.1% of the shares are floating, out of which 22.3% are owned by Fairfax Holdings.


IIFL Home Finance is headquartered in Gurugram, Haryana and has 363 branches spread across 18 states of India.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - Fairfax India Holding Corporation Investor -
- - - - IIFL Finance Ltd Parent Company Finance
- - - - IIFL Home Finance Limited Client Finance

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.

Borrower - IIFL Home Finance Limited:

Mr. Ajay Jaiswal - Company Secretary
Phone: +911244780964
Email: ajay.jaiswal@iifl.com
Address: No 98 Phase, 4, Phase IV, Udyog Vihar, Sector 19, Gurugram, Haryana 12201
Website: www.iiflhomeloans.com 

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

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

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How it works