New Delhi, June 13: International Finance Corporation (IFC), the private sector arm of the World Bank, has signed an agreement to provide a Rupee loan equivalent to $15 million to Balrampur Chini Mills Ltd. The loan would partially finance an integrated greenfield sugar mill with a capacity of 4,000 tonnes of cane per day, an associated 20 megawatt cogeneration power plant in Haidergarh (UP) and a 60 kilolitre per day ethanol distillery with a biomass fertiliser unit at the company's existing Babhnan plant in UP, an IFC release said today.
Managing Director of Balrampur Chini Mills Vivek Saraogi expressed pleasure with "IFC's quick response and its support for our outreach programme to thousands of farmers in UP".
The finance corporation’s director for South Asia, Dimitris Tsitsiragos said the project was "an example of IFC's commitment to support Indian companies that are modernising to become efficient and environment-friendly".
The new plan was expected to process sugarcane from about 40,000 farms in the area, helping increase farm incomes since sugarcane is a very profitable crop.
Bureau Report