IFC has invested $6.5 million (Rs 32 crore) in Snowman Logistics Ltd to help expand its cold storage division.
This is IFC’s second round of funding for the cold chain logistics solutions provider. The first one ($5 million) in the year 2009 was also to expand storage facilities across India. “The additional investment will support Snowman’s capital needs during the company’s strategic growth phase, helping it become more efficient and expand in existing and new locations in India,” said Mr Ravi Kannan, CEO, Snowman Logistics.
Snowman provides cold storage services for commodities and the current expansion will help the company take advantage of current and potential growth in the retail and food sector in India, he added.
“IFC’s investment in Snowman will help lower overall logistics costs and reduce wastage associated with Snowman’s clients, most of which are in the agriculture and food sector,” said Ms Anita M George, IFC Director for Infrastructure in Asia.
Snowman’s storage infrastructure is currently spread across 16 facilities in Mumbai, Chennai, Bangalore, Hyderabad, Kochi, Kolkata, Ludhiana, and Vishakapatnam.
In fiscal 2011, IFC, a member of the World Bank Group, made investments of nearly $19 billion.