IFC to invest $25 mn in Electrotherm India

New Delhi, May 20: IFC, the private sector arm of World Bank Group, will invest 25 million dollars in steel and electric vehicles maker Electrotherm India Ltd for expanding its operation.

IFC will give 15 million dollars in the form of 10 years debt and the rest as optionally convertible bonds, it said in a statement.

The loan from IFC will help the company undertake projects in Gujarat including expanding the production of environment-friendly vehicles and enhancing their competitiveness.

The company will use the funds to expand its electric vehicles business, upgrade its induction furnace business, design value-added iron and steel products to its existing product line, and increase its competitiveness and energy efficiency by building a 30 MW captive power plant.

''We hope to increase our range of products and improve our competitiveness with IFC's support,'' company's Managing Director Shailesh Bhandari said.

UNI