IFC is planning to invest $130 Mn in INOX Renewables Limited, a subsidiary of Gujarat Fluorochemicals Limited.
The funds raised will be used to fund 400 MW of wind projects in the states of Rajasthan and Gujarat.
IFC's proposed investment involves equity investmentof $40Mn in IRL and senior debt of $90Mn.
Incorporated in 2010, INOX Renewable is a part of INOX Group which has interest in diverse businesses including Industrial Gases, Refrigerant Gases, Fluoro Chemicals, PTFE, Renewable Energy, Cryogenic Equipment and Entertainment. Gujarat Fluorochemicals and Inox Leisure are also a part of Inox Group.
Impact investment fund Lok Capital along with CDC Group plc, have made an investment of $21 Mn in Varanasi based micro finance company Utkarsh. This round also witnessed participation from its existing investors Aavishkaar Goodwell, Microfinance Development Fund, IFC and Norwegian Microfinance.