IFC to offer $ 45.8 mln finacial package to Soktas

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New Delhi, Nov 26 (UNI) World Bank's private sector arm IFC will provide 45.8 million dollars financing package to textile manufacturer Soktas to set up a greenfield manufacturing plant for producing yarn-dyed shirting fabric.

The package will also benefit both Soktas and its subsidiary Soktas India to upgrade its capital equipment and shift to higher value-added products, increasing their competitiveness in export markets, a company statement said.

''Apart from services sector companies, manufacturers from other merging markets are investing increasingly in projects in India.

IFC's strategy to support such investments has helped create more efficient and profitable globally competitive companies in the markets we serve,'' IFC Regional Director (South Asia) Paolo M Martelli said.

IFC's investment will also help the company carry out its strategic investment initiatives, creating new jobs in the country.

Soktas will use state-of-the-art technology at the new plant in India, strengthen the textile industry, and help build skills of the local work force, with benefits for the broader economy.

UNI

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