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Saturday, May 20, 2006

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IFC package for LG Balakrishnan

Our Bureau

New Delhi, May 19

The International Finance Corporation (IFC) has said that it would provide a $20-million financial package to LG Balakrishnan and Bros Ltd (LGB). The investment comprises an equity investment of $5 million and a loan of $15 million. The investment will support the company's expansion plans in setting up a greenfield hot forging facility near Coimbatore. LGB is involved in the manufacturing of transmission chains for two-wheelers and for other automotive and industrial appliances. The company is in the process of implementing a $44.5-million expansion plan to strengthen its asset base in its product lines such as transmission chains, fine-blanked parts and forgings. Mr Vijay Kumar, Managing Director of LGB, said: "With the support that IFC can provide, LGB is sure to accelerate its global presence and enhance its customer base."

Mr Iyad Malas, IFC's Director for South Asia said, "IFC finances private sector investments in transition and developing economies, mobilises capitals in international financial markets and provides technical assistance to businesses."

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