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IFC provides $20m financial package to LGB
Corporate Reporter
CHENNAI:
International Finance Corporation, the private sector arm of the World Bank Group, will provide a $20 million financial package to LG Balakrishnan and Bros. Ltd. The investment comprises an equity investment of $5 million equivalent and a loan of $15 million. It will support the improvements at the company's existing facilities as well as the development of a greenfield hot forging facility near Coimbatore, says a release.
LGB is in the process of implementing a $44.5 million expansion that will help the company strengthen its asset base and sales in all its product lines with the goal of retaining and enhancing its market share.
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