Hygenco's key promoters and co-founders are Mr. Amit Bansal, Mr. Anshul Gupta and Mr Ashish Gupta, who together with associates, collectively hold a 51% equity shareholding in the Company. The remaining 49% shareholding is owned by the SVL-SME Fund (SEBI Registered Alternate Investment Fund managed by SBICAP Ventures Ltd), an impact investment vehicle managed by a subsidiary of the State Bank of India.                                                    

IFC proposes to invest up to US$50 million in the Company as part of its ongoing fundraising in the form of quasi-equity, of which upto US$25 million is contributed by IFC as implementing entity of Blended Concessional Finance.

Company will operate at multiple locations across India. Please refer to ESRS for details.                                                  

No governance risks to development impacts have been identified. The Company will implement a corporate governance action plan prepared by IFC Corporate Governance team. The corporate governance action plan is intended to enhance the Company’s governance ensuring transparency, accountability, and effective decision making.                                                

  This is a Category B project according to IFC's Policy on Environment and Social Sustainability (2012). Based on information reviewed by IFC, the proposed project will have limited adverse E&S impacts that are few, site specific, largely reversible and readily addressed through existing mitigation measures and good international industry practices (GIIP). 

Key E&S issue and risks associated with the project include i) land acquisition for Hygenco’s RE projects, right-of-way for transmission lines, right-of-way for H2 pipelines, pooling substations and GH Projects in non-notified/licensed industrial zones; ii) managing source, availability and quality of water (as raw material for H2 production); iii) the company's management and monitoring systems to assess and manage E&S risks and impacts from its operations, as well as those related to the supply chains for the equipment covered under the projects; iv) management of labor and working conditions, including occupational health & safety (OHS) practices, and contractor management on project sites; v) emergency planning and response, particularly for storage and transfer of hydrogen (through pipeline or in cylinders by road); vi) impacts on nearby community health and safety in non- notified/licensed industrial zones; vii) resource efficiency measures in operational phase of GH Projects; viii) ongoing monitoring and management of solid and hazardous waste, and; ix) the company's stakeholder engagement activities as well grievance mechanism related to significant E&S aspects.