Business Daily from THE HINDU group of publications
Saturday, Apr 28, 2007
ePaper
Business Daily from THE HINDU group of publications Saturday, Apr 28, 2007 ePaper |
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Corporate
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New Projects Money & Banking - Financial Institutions IFC invests $20 m for Kanoria Chem expansion Our Bureau
New Delhi April 27 International Finance Corporation (IFC), the private sector arm of the World Bank, is to invest up to $20 million (Rs 81 crore) in Kanoria Chemicals and Industries. The fund is will go towards expanding capacity of the company's caustic soda plant in Uttar Pradesh, from 90,000 to 130,000 tonnes per year by March 2008. The expansion is to be based on a more environment-friendly membrane cell technology, which is more energy efficient. According to an official statement, Kanoria is to also improve margins with capacity expansion of its downstream chlorine derivative production units. The loan is to help Kanoria grow dynamically and acquire economies of scale in a competitive and cyclical capital-intensive industry. IFC is addressing a midsize player's critical need among 31 chlor-alkali producers in India with this long-term funding.
Globally competitive
"Working with Indian companies to restructure and expand their businesses to become globally competitive is a key component of IFC's strategy in the region. With this investment, IFC will help expand the capacity of caustic soda in an environmentally-friendly manner in Uttar Pradesh, one of the poorest regions of the country," said Mr Lance Crist, Manager, IFC's Chemicals Division, in an official statement. The domestic chemical industry is valued at about $30 billion in 2005, and expected to grow to about $60 billion by 2010. According to IFC, the industry accounts for nearly 13 per cent of the country's exports.
More Stories on : New Projects | Financial Institutions | Chemicals
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