Media Announcement
IFC's support to Suguna for better corporate governance and enhanced rural productivity
In New Delhi
Minakshi Seth
Phone: +91 11 4111 1058
Email:MSeth@ifc.org
Chennai
October 10, 2006-International Finance Corporation, the private sector arm of the World Bank Group, will provide $11 million equity to Suguna Poultry Farms Limited. Suguna Poultry Farms Limited is headquartered in Coimbatore.
IFC's project with Suguna will help the company expand its breeder farms, hatchery and feed mill capacity as part of its growth strategy. IFC will also support the company in the area of supply chain management as the company seeks to source feed inputs directly from farmers.
Lars Thunell, Executive Vice President of IFC who is on a visit to India from Washington said that "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."
While signing the document, B Soundararajan, Managing Director, Suguna explained, "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.
"IFC's investment in Suguna is the first in the poultry sector in India. It 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," explained Iyad Malas, Director, South Asia, IFC.
About IFC
The International Finance Corporation, the private sector arm of the World Bank Group, is the largest multilateral provider of financing for private enterprise in developing countries.
IFC finances private sector investments, mobilizes capital in international financial markets, facilitates trade, helps clients improve social and environmental sustainability, and provides technical assistance and advice to businesses and governments.
From its founding in 1956 through FY06, IFC has committed more than $56 billion of its own funds for private sector investments in the developing world and mobilized an additional $25 billion in syndications for 3,531 companies in 140 developing countries. With the support of funding from donors, it has also provided more than $1 billion in technical assistance and advisory services. For more information, visit
www.ifc.org
|
