IFC to invest 40 million dollars in West Coast Paper Mills

Bangalore, July 2 (UNI) International Finance Corp(IFC), the private sector arm of the World Bank Group, will provide a long-term loan of 40 million dollars to Karnataka's West Coast Paper Mills Ltd, an integrated printing and writing paper manufacturer.

Chairman of West Coast Paper Mill S.K. Bangur, said in a press release, ''The paper industry in India has been highly fragmented, with a capacity of 6.8 million tonnes per year distributed among over 500 players, most of whom are informal companies.

Plans by several players to consolidate and expand are underway.

With IFC's support, we hope to improve the sector's efficiency and enhance our competitiveness'', he added.

IFC's support would help the company to modernise and expand capacity. Part of the loan would fund the installation of a new chlorine-free fiber line to eliminate a major source of pollutants from pulping operations, the press release said.

The country's per capita consumption is estimated at seven kg per year which is the lowest in the world and far below the global average of 56 kilograms.

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