The Hindu Business Line : Rain Calcining to get $10-m loan from IFC

THE International Finance Corporation (IFC), the private sector arm of the World Bank Group, would provide a $10-million (around Rs 46 crore) loan to Rain Calcining Ltd (RCL).

In a press release here on Friday, IFC said it would support the expansion of RCL's coke production plant capacity and modernise the existing production line. The plant currently has a production capacity of 3-lakh tonnes per annum and a 52.5-MW co-generation power facility. Following the expansion, the calcined coke production capacity would increase to 4.8-lakh tonnes.

According to IFC, its investment is part of a $20-million financing package.

IFC had initially invested in 1998 in the RCL's greenfield operation, which is now recognised as a major supplier of calcined coke to aluminium smelters worldwide. RCL has also been supplying power through its co-generation facility to customers in Andhra Pradesh.

The IFC Director for South Asia, Mr Dimitris Tsitsiragos, said the IFC expects the support to RCL help the company emerge globally competitive and achieve and maintain international environmental standards.

The IFC said its mission is to promote sustainable private sector investment in developing countries, helping to reduce poverty and improve people's lives.

The Managing Director of RCL, Mr Jagan Reddy, said, "After the current expansion, Rain Calcining will become one of the top five global calcining companies. Our investment in facilities, equipment and personnel gives us an unmatched combination of capacity, growth and quality, which supports our customers and will contribute to an improvement in stakeholder value."

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