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World Bank grants $11 million to Indian farm
The International Finance Corporation (IFC), part of
the World Bank, has finalised the conditions of its $11 million investment in a
Tamil Nadu poultry farm in the south of India.
IFC will pick up five percent equity in Coimbatore-based
Suguna Poultry Farms,
which is pioneering an integrated business model, a company spokesperson
said.
In 2005-2006,
IFC
invested $400 million in Indian companies with rural interests and based in
two-tier cities. In 2006-2007, it plans to invest about $500 million in Indian
agro industry and similar ventures, the spokesperson said.
Since 1956, IFC has provided over $4.3 billion in loans and equity to
private sector companies in Asia, of which $1.4 billion has been in India, which
is fourth on the list of investment countries.
“IFC investment in Suguna will help the company become internationally
competitive and will benefit around 10,500 contracted poultry farmers by
creating opportunities for them,†Lars Thunell, IFC executive vice-president
said.
Mr B Soundarajan, Sugana managing director, said the company plans to bring
another 12,000 poultry farmers under its corporate umbrella.
“In India, the market is dominated by live bird sale,†Soundarajan said.
“Our objective is to get at least 50 percent of the market into the processed
food regime.â€
Editor WorldPoultry
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