Rupshi Foods

active

Established in 1972, City Group (the “Group” - https://www.citygroup.com.bd/) initially started with the production of mustard oil for the local market. The Group has currently more than 40 subsidiaries, incorporating fast moving consumer goods (FMCG), feed products, polyethylene terephthalate (PET) bottle, printing and packaging, ship building, media, hospital. IFC is proposing a senior secured A loan of up to $20 million in Rupshi Food Limited (“RFL”), a newly established subsidiary of the Group, for processed food operations in the snacks category, producing candy, cakes, biscuits and bakery items, condensed milk and powdered milk by setting up a greenfield food processing plant at City Economic Zone (CEZ), an economic zone established by the Group in Rupshi, 30kilometers south of Dhaka (the “Project”).The project facility is for food production processing such as, mixing of ingredient, molding, baking, cooling, packaging, etc. The project is currently in the construction stage and is expected to start commercial operation in a phased manner and be fully functional by January 2023. The Group is an existing IFC client whereby IFC made one direct investment in the Group's subsidiary, namely Rupshi Flour Mills Limited (RFML), in August 2021 and the E&S performance at the appraisal was satisfactory.