SRF 2022 loan

active

The proposed transaction entails an investment of up to US$100 million of senior secured A Loan to SRF Limited (“SRF” or the “Company”) (http://www.srf.com). The proceeds of the loan provided by IFC shall be used for financing capital expenditure towards specific identified projects in the Company’s specialty chemicals business, all at Dahej in the state of Gujarat, being undertaken at a capital expenditure of US$112 million (the “Project”). The Project includes installation of electricity grid, construction of new plant building, development of new pharma intermediaries, capacity expansion of and installation of new technologies to existing facilities, acquisition of land which will be used only for specialty chemicals business, etc. The project will enable SRF’s short term plans to expand the production line of specialty chemicals and agrochemical intermediates at the Dahej facility. The Dahej facility will continue production of chlorodifluoromethane (HCFC-22 or R22) which will be entirely used as feedstock in manufacturing other specialty chemicals.This is IFC's fourth investment in SRF. IFC made three direct investments in SRF in October 2012 (https://disclosures.ifc.org/project-detail/ESRS/31995/srf-industries-thailand-limited), December 2012 (https://disclosures.ifc.org/project-detail/ESRS/31885/srf-south-africa), and March 2016 (https://disclosures.ifc.org/project-detail/ESRS/37933/srf-india-bopet).