IFC provides $11mln equity to Suguna poultry for expansion

New Delhi, Oct 10 (UNI) International Finance Corporation (IFC), the private sector arm of the World Bank Group today said it will provide an 11 million dollar equity to Coimbatore-based Suguna Poultry Farms Limited to help the company expand its breeder farms, hatchery and feed mill capacity.

IFC will also support the company in the area of supply chain management as the company seeks to source feed inputs directly from farmers.

''IFC's investment in Suguna will support the company become internationally competitive and will benefit around 10,500 contract poultry farmers by creating economic opportunities for them,'' IFC Executive Vice President Lars Thunell said.

While signing the document, Suguna MD B Soundararajan added, ''We see in IFC a long term investor and a partner who will enable us to implement our growth strategy and benchmark us against poultry companies in other countries.'' The company is pioneering an integrated poultry business model in India and IFC's investment in Suguna, which is the first in the poultry sector in the country, is in line with IFC's focus in India to enhance rural productivity.

In addition, IFC will be guiding the company in establishing corporate governance best practices.

IFC is the largest multilateral provider of financing for private enterprise in developing countries, and finances private sector investments, mobilises capital in international financial markets, facilitates trade, helps clients improve social and environmental sustainability and provides technical assistance and advice to businesses and governments.

UNI RA SRS RS1805