International Finance Corporation (IFC) has announced to invest up to $35 million (Rs 263 crore) in paper manufacturer JK Paper. IFC has stated that it will invest by subscribing to secured non-convertible debentures (NCDs) of the Singhania Group company. The company will primarily use the funds to meet the incremental working capital needs due to the impact of the ongoing coronavirus pandemic.
JK Paper is one of India's largest producers of office, printing, writing and specialty paper, and packaging boards.
This investment is the latest example of IFC’s commitment to India, which is its single-largest portfolio market. Apart from its direct investments that involve both equity and debt funding, the institution also actively invests PE and VC funds.
In 2018, IFC had invested $45 million in the form of NCDs in JK Paper to help the company increase productivity at its two plants in Odisha and Gujarat, and to refinance existing debt.
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