40569 - DARP SPV IndiaRF

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Summary of Investment Information

Project Number

40569

Company Name

INDIA RESURGENCE FUND LP

Date SPI Disclosed

Mar 26, 2018

Country

India

Region

South Asia

Projected Board Date

May 1, 2018

Environmental Category

FI-1 - Significant

Status

Active

Last Updated Date

May 5, 2024

Department

Regional Industry - FIG Asia & Pac

Industry

Financial Markets

Previous Events

Approved : May 18, 2018
Signed : Jun 22, 2018
Invested : Sep 27, 2018

Sector

Distressed Assets SPV

Project Description

The proposed project envisages an equity investment of US$100 million in India Resurgence Fund, L.P. (the “Fund”), a Cayman Islands limited partnership. The Fund seeks to resolve corporate distressed assets (“DA”) in India (“India” or the “Country”) by primarily making distressed to control investments. The Fund’s final size is expected to be US$1 billion.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	100.0
Equity	100.0

Development Impact

- Shareholders impact: The project is expected to revitalize a number of distressed companies, and provide capital relief to banks, helping resolve NPLs in India. IndiaRF's ability to turn around these situations will help preserve jobs. - Market Impact: The project will support the implementation of the new regulatory framework and contribute to a more robust DA market, allowing banks to increase lending.

- Mobilization: IFC is playing the role of anchor investor, helping mobilize capital from the private sector and contributing to the structuring of the Fund, while providing its stamp of approval. - Global and Local knowledge: IFC provides a unique combination of deep local knowledge and presence in India across sectors, as well as an extensive and successful track record in DA investments globally. - Environmental and Social ("E&S") Standards: IFC will support IndiaRF to codify and implement an E&S management system for its operations in accordance with IFC's E&S Performance Standards, assisting with the development of proper E&S risk assessment, mitigation and monitoring procedures.

Indicator	Metrics	Comments	Calendar Year 2022	Calendar Year 2023	Calendar Year 2024
CORE - E and S Management Systems (Y/N)	Compliance/Enhancement		Not Available	Not Available	Not Available

E&S Category Rationale / Risks and Mitigation

The Fund will target sizable assets/companies operating in various sectors, with the potential for mid-to-high E&S risks and impacts. Therefore, this project has been categorized as FI-1, in accordance with IFC’s Environmental and Social Sustainability Policy. For this project the client will be required to apply to its investments the IFC Exclusion List, the relevant Indian federal and state E&S laws and regulations, and the IFC Environmental and Social Performance Standards.

The key risk is associated with the ability of IndiaRF to identify and manage the E&S risks associated with its planned investments. Additional E&S risks and impacts of the project derive from the capacity and systems in place to manage these risks. IndiaRF will set eligibility criteria for selection of assets to avoid, where feasible, those exposed to significant risks which are: (i) significant adverse impacts to community health and safety as a result of construction/operation of the assets; (ii) significant number of serious injuries and/or fatal accidents during construction and/or operation of the assets; (iii) involuntary resettlement of people; (iv) impacts on critical habitat, Indigenous Peoples and critical cultural heritage. These sensitive activities are either to be avoided or managed in line with IFC’s Environmental and Social Performance Standards. The Fund manager is committed to a phased E&S risk assessment process for its investee companies and improvement of their E&S performance over time. The Sponsors have sound previous experience with E&S risk assessment and mitigation. IndiaRF will build on their knowledge and codify existent practices in a comprehensive E&S management system. The Fund manager’s efforts in this field will be, on ongoing basis, complemented by external qualified E&S consultants. The Fund manager will also be required to establish a functioning mechanism for communication with external stakeholders.

Contacts

For Inquiries About the Project, Contact

India Resurgence Asset Management Business Private Limited
Shantanu Nalavadi
Managing Director
+91 22 3046 6487
shantanu.nalavadi@indiarf.com
Piramal Tower, Peninsula Corporate Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai – 400 013

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IFC supports its clients in addressing environmental and social issues arising from their business activities by requiring its real sector clients to set up and administer appropriate grievance mechanisms and/or procedures to address complaints from Affected Communities in relation to environmental and social issues arising from IFC's clients' business activities. Since 2012, IFC's Financial Intermediary clients applying the Performance Standards are required to develop External Communications Mechanisms to receive and review inquiries or complaints from any interested party regarding the E&S risks and impacts of their operations.

For IFC projects that are active or under consideration, individual(s), or their authorized representative(s), who allege they have been or will be adversely affected by E&S risks or impacts arising from IFC's clients' business activities, may submit a complaint to IFC directly for consideration. When receiving an E&S complaint, IFC engages with complainants and works with its clients to find solutions to E&S concerns as quickly and efficiently as possible.

Complaints can be submitted to IFC online at www.ifc.org/escomplaints or by email to EScomplaints@ifc.org.

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Email: cao@worldbankgroup.org
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CAO receives and addresses complaints in accordance with the CAO Policy, which can be accessed at: https://www.cao-ombudsman.org/policies-guidelines.

This Summary of Investment Information (SII) is prepared by IFC to disclose a factual summary of the main elements of the potential investment. It also includes findings and recommendations related to environmental and social considerations regarding this potential investment. The purpose of the SII is to enhance the transparency of IFC’s activities. For any project documentation or data included or attached herein, whether prepared by the project sponsor or otherwise, authorization has been given for public release by the project sponsor. IFC considers that this SII is of adequate quality for release to the public, but has not necessarily independently verified all of the project information therein. It is distributed in advance of IFC Board of Directors’ consideration and may be periodically updated thereafter. Board dates are estimates only and this document should not be construed as presuming the outcome of the Board Directors’ decision. The following SII is disclosed in accordance with IFC's Access to Information Policy (AIP) that went into effect on January 1, 2012.

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Task Title & Description	Anticipated Completion Date
Nominate officers	04/30/2018
Establish ESMS	05/15/2018
Establish External Communication Mechanism	05/15/2018

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