IFC to fund Parag Milk Foods’ expansion plans
18 January 2021
Parag Milk Foods (Parag) is planning to raise money from the International Finance Corporation (IFC) for meeting the company's working capital needs and for its long-term expansion plan.
IFC committed around USD 31M (around Rs 230 crore) to Parag in the form of non-convertible debentures to support the company’s working capital needs and long-term Capex plans.
IFC’s investment under the RSE COVID-19 facility aims to provide Parag with sufficient additional liquidity in support of its working capital needs and long-term expansion plans.
IFC’s proceeds will be used for further development of milk processing plants at two locations – Manchar in Maharashtra, and Palamner in Andhra Pradesh.
The company has a milk processing capacity of up to 3,500,000 lpd -- 2,000,000 lpd at Manchar, and 1,400,000 lpd at Palamner, Andhra Pradesh, and 1,00,000 lpd at Sonipat, Haryana.