The Company was founded in 1985 by Dinesh Kumar Himatsingka. It is currently listed on both Bombay Stock Exchange and National Stock Exchange. The majority ownership of HSL is with the Himatsingka family (“the Sponsors”) with about 48% shareholding, and the balance is held by public and institutional shareholders.

The total Project cost is approximately US$85 million. IFC will provide a financing package of upto US$69   million equivalent. The financing package will include (i) INR denominated Non-Convertible Debenture (NCD) of up to INR 4,600 million (approximately US$56.5 million) and (ii) and Foreign Currency Convertible Bond (FCCB) of up to US$12.50 million. 

HSL will use the IFC funding for its operations in Hassan and Doddaballapur, both in the state of Karnataka, India. 

This is a Category B project as per IFC’s Policy on Environmental and Social sustainability. Key E&S risks include: 1) the Company’s capacity to establish and maintain integrated E&S management systems compliant with PS1 requirements; 2) assurance of fair, safe, and healthy labor working conditions including that related to occupational health and safety (OHS), life & fire safety risks and gender-based violence and harassment (GBVH) in compliance to local regulations and PS2 requirements; 3) resource efficiency, greenhouse gases, pollution prevention, hazardous materials and waste management in compliance with PS3 and applicable WBG EHS Guidelines; 4) community health & safety risks including risks due to transport fleet operations and domestic migrant labor population; and 5) stakeholder engagement and community grievance mechanism.