SoktasTekstil Sanayi ve Ticaret Anonim Sirketi

completed

_x000C_Soktas Tekstil Sanayi ve Ticaret Anonim Sirketi (Soktas or the company), an existing and valued IFC client, and a leading Turkish manufacturer of high-end yarn-dyed and piece-dyed shirting fabric, has approached IFC requesting support for its first investment in India. The proposed project consists of a $83 million Greenfield investment to produce 14 million linear meters of shirting fabric annually in Kolhapur in the State of Maharashtra in Western India; the project is expected to be implemented in two phases and completed over a 5 years period. The company has requested IFC to consider providing a long-term loan of up to $18.25 million and an equity participation of up to $2.5 million equivalent (representing approximately 10% of the share capital) in the Greenfield investment in India. The company has also requested a long term corporate loan of up to $25 million to the existing operation in Turkey. The corporate loan will be used: - for various strategic corporate investments initiatives, - to provide working capital for its existing operations in Turkey, and - to partially fund Soktas’ equity participation in India.