IFC to invest $17.5 mln in chemical sector

New Delhi, Jun 27 (UNI) The International Finance Corporation (IFC), private sector arm of the World Bank Group, today granted a 17.5 million dollar loan to Atul Ltd, Gujarat-based leading chemical manufacturer.

This financing will enable the company to capitalise on its technical expertise and move from commodity products such as dyes to high-value niche segments and to strengthen its environmental, health, and safety practices.

''Our strategy in India is to invest in medium-size manufacturing companies that are modernising to become internationally competitive,'' IFC's Director (South Asia) Iyad Malas said.

Atul Managing Director Sunil Lalbhai said the firm has adopted a strategy to transform into a global market leader for select products while retaining a smaller portfolio of commodity products where it has a sustainable low-cost advantage.

IFC, headquartered at Washington, coordinates its activities with other institutions of the World Bank Group.

Its mission is to promote sustainable private sector investment in developing and transition countries, helping to reduce poverty and improve people's lives.

IFC's current held portfolio in India is 1.2 billion dollar, making India IFC's second-largest country of operations.

Atul, a part of the Lalbhai Group, is engaged in manufacturing a wide range of chemicals including agrochemicals, bulk chemicals and intermediates, colours, pharmaceuticals and intermediates, and polymers.

UNI DKS CS HT1642