Jain Irrigation's NBFC to raise $5 Million
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The International Finance Corporation (IFC) is planning to invest $5 million in Jain Irrigation System's new NBFC (Non bank financial corporation) for minority stake as a part of initial capitalization. An existing investor in Jain Irrigation, IFC's current plan of investment will be for the new commitment for a new Mumbai-headquartered NBFC to finance the purchase of micro drip irrigation and other agri-productivity tools for rural India. For Jain Irrigation, this project will bring a further exposure in rural business. Jain Irrigation is an integrated agri business player with manufacturing operations in micro irrigation systems, plastic pipes and sheets, besides processed food business. A member of the World Bank Group with it's headquarter in Washington, IFC has already proposed 11 investments in India since January 2011 and in the next few months, the deal is expected to be completed which will be their 12th proposal.

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