Business Daily from THE HINDU group of publications
Thursday, Jul 06, 2006
Business Daily from THE HINDU group of publications Thursday, Jul 06, 2006 |
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Corporate
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New Projects IFC to invest in UP-based CCIL Our Bureau
New Delhi , July 5 International Finance Corporation, the private sector arm of the World Bank, has said that it will provide $19.4 million loan and $2 million in equity to Uttar Pradesh-based Continental Carbon India Ltd (CCIL) for expansion of power production capacity. The loan financing consists of $7 million loan for IFC's own account and a syndicated loan of up to $12.4 million. "Our role in mobilising long-term funding to expand CCIL's power production capacity is in line with IFC's strategy of improving infrastructure through greater private participation," said IFC's Director of Oil, Gas, Mining, and Chemicals, Mr Rashad Kaldany.
More efficiency
The financing will enable CCIL to become more energy efficient and help alleviate power shortage in UP through the sale of surplus power, he added. IFC Director for South Asia, Mr Iyad Malas said, "This transaction fits well with IFC's strategy in India which aims to support companies willing to restructure and modernise their operations to become more competitive in the global market." The project sponsor is China Synthetic Rubber Corporation, a carbon black producer and technology provider. IFC has worked with CSRC in financing its carbon black projects in India and China.
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