Nicco Uco Financial Services, Ltd (NUFSL)

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Summary Of Project Information (SPI)Project NameIndia-Nicco Uco Financial Services Limited (NUFSL)     RegionAsiaSectorProject No008025Projected Board Date     May 15, 1997Company NameNicco Uco Financial Services Limited (NUFSL)Technical Partner and/or Major Shareholders Nicco Uco is owned by the Nicco Corporation (31%), one of the largest cable manufacturers in India; other shareholders include: Uco Bank (15%), the UK Merchant Bank Hambros (10%), Banco San Paolo di Torini of Italy (3%), IFC (10%) and Public (31%). Project Cost Including proposed IFC investment NUSFL has requested IFC to provide a long-term loan of US$10 million which will consist of: A loan US$ 5 million and a B loan of US$5 millionLocation of project and Description of site Calcutta, IndiaDescription of Company and Purpose of Project Nicco Uco Financial Services Limited (NUFSL or “the Company”) is a Calcutta based financial services firm engaged principally in leasing & hire purchase, corporate funding (short term working capital lending), merchant banking, and trade finance. IFC’s funds would enable the Company to expand its operations in much needed areas of leasing for small scale infrastructure projects: privately provided “municipal facilities”, power generators; as well as for machinery and equipment leases to its client SMEs. With the emergence of syndicated leases, medium sized leasing Companies such as NUFSL can play an important role in funding larger projects in their traditional lines and in infrastructure. Environmental Category and Issues This is a Financial Intermediary (FI) category project according to IFC''s environmental review procedure. For relevant operations, NUFSL will be required to implement an environmental management system consistent with Indian requirements and World Bank policies and guidelines. In addition, IFC will assess the Company’s capability to implement the system.     Date SPI sent to PIC April 15, 1997For Additional Information contact: Corporate Relations Unit -telephone: (202) 473-7711facsimile: (202) 676-0365