Senior Correspondent, IndianRetailer.com & Retailer Magazine Jan 18, 2018 / 2 MIN READ
International Finance Corporation, the private-sector investment arm of the World Bank, is looking to invest up to $150 million (Rs 958 crore) in Aditya Birla Finance Ltd to fund renewable energy projects.
IFC proposes to invest the capital through rupee external commercial borrowing which would be the first dedicated climate finance funding for ABFL..
The financing and deployment of proceeds will enable ABFL to tap the growing climate finance market and fund renewable energy projects.
Lending to renewable energy projects is a relatively new business for ABFL and through this engagement, it will be able to leverage IFC’s global expertise in the renewable energy lending to develop its project appraisal and risk management capacities.
IFC said the proposed investment will result in savings in greenhouse gas emissions as it will finance power generation through renewable and climate-friendly sources.
ABFL is a fully owned subsidiary of Aditya Birla Capital Ltd (ABCL) which is the holding company for all financial services businesses of Aditya Birla Group (ABG).
World Bank’s arm International Finance Corporation (IFC) and Airtel Zambia have signed an agreement to increase access to mobile financial services in that nation.
The ultimate goal of the program is to develop data-driven insights and viable demonstration models to understand the journey of women entrepreneurs on e-commerce platforms.
Zinka's existing investors include Accel Partners, Tiger Global, Apoletto and Flipkart Logistics. The proposed investment will be in the form of equity for a minority stake to support the expansion of the company's service offerings and further technology
Company will use its network of insurance agents to distribute insurance policies through an app called Coverdrive to point-of-sales people, who currently lack appropriate tools to manage their agent business
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