Mr. Kotni Rama Shankar Rao (Vice Chairman and Managing Director of BNRM), Kotni Holdings (Mr. Rao's personal company), and his two sons hold a majority stake of BNRM, with the balance held by independent individuals. 

The total estimated project cost is US$14.1 million, of which IFC will be financing US$8.0 million via an A Loan.

The Project will be located in Thika, an industrial town in Kenya and where the Company currently resides.

This is a Category B project, according to IFC’s Policy on Environmental and Social Sustainability. Based on the information reviewed during the appraisal, it is expected to have limited adverse environment and social (E&S) risks and impacts that are few in number, short-term and site-specific, and can be avoided or mitigated by adhering to recognized performance standards, procedures, guidelines and design criteria as described in the following sections.

The key E&S risks and issues related to the project include: the adequacy of the Group’s E&S policies and procedures to provide for effective, systemic management of E&S risks and impacts in the operations; availability of competent E&S staff to coordinate E&S management in the operations; management of workforce and working conditions, especially in recruitment, equal opportunity, occupational health and safety (OHS) risk management, grievance management, and management of third party workers;  steel scrap supply chain; resource use efficiency, waste and wastewater management; air quality and greenhouse gas emissions; life and fire safety management at the premises; security management; and stakeholder engagement.