World Bank grants $11 million to Indian farm
The International Finance Corporation (IFC), part of
the World Bank, has finalised the conditions of its $11 million investment in a
Tamil Nadu poultry farm in the south of India.
IFC will pick up five percent equity in Coimbatore-based Suguna Poultry Farms
which is pioneering an integrated business model, a company spokesperson
In 2005-2006, IFC
invested $400 million in Indian companies with rural interests and based in
two-tier cities. In 2006-2007, it plans to invest about $500 million in Indian
agro industry and similar ventures, the spokesperson said.
Since 1956, IFC has provided over $4.3 billion in loans and equity to
private sector companies in Asia, of which $1.4 billion has been in India, which
is fourth on the list of investment countries.
â€œIFC investment in Suguna will help the company become internationally
competitive and will benefit around 10,500 contracted poultry farmers by
creating opportunities for them,â€ Lars Thunell, IFC executive vice-president
Mr B Soundarajan, Sugana managing director, said the company plans to bring
another 12,000 poultry farmers under its corporate umbrella.
â€œIn India, the market is dominated by live bird sale,â€ Soundarajan said.
â€œOur objective is to get at least 50 percent of the market into the processed
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