Asian Electronics Ltd. (AEL) (Multicompany with 8438 and 8439)

completed

Summary Of Project Information (SPI)Project NameIndia-Asia Electronics Limited (AEL)RegionAsiaSectorProject No007756Projected Board DateJune 15, 1997Company NameAsian Electronics LimitedTechnical Partner and/or Major Shareholders Publicly listed company. Major shareholder is Mr. Suresh Shah.Project Cost Including proposed IFC investment Total Project Cost is US$86.0 million, IFC A Loan US$16.0 million and equity of US$5.6 million     Location of project and Description of site Project operations will be headquartered in Thane, Maharastra State, IndiaDescription of Company and Purpose of Project AEL’s proposed projects are expected to include the installation of modern low tension and high tension capacitors and switched capacitor panels for power factor improvements (70%), distribution transformers (5%), efficient lighting (20%) and electronic energy meters (5%). The clients will be India’s State Electricity Boards and private industry. IFC will help India realize its first major ESCO with a sound financial base and support a structure that has been proven to work. IFC’s involvement would add credibility to a medium sized company thereby enhancing its reputation and exposure to international investors and markets.Environmental Category and Issues This is a category B project according to IFC’s environmental review procedure because specific impacts may result which can be avoided or mitigated by adhering to generally recognized performance standards, guidelines or design criteria. Based on its review of available information regarding potential environmental impacts and proposed mitigation measures, IFC concludes that the proposed project is being designed to meet Government of India requirements, and World Bank policies, environmental, health and safety guidelines.     The is from the Public Information Center.Date SPI sent to PIC May 8, 1997For Additional Information contact: Corporate Relations Unit -telephone: (202) 473-7711facsimile: (202) 974-4384Environmental documents for this project are available at http://www.ifc.org and from the World Bank InfoShop (http://www.worldbank.org/html/pic/aboutinfo.html).