49533 - DARP SA IndiaRF2

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Summary of Investment Information

Project Number

49533

Company Name

INDIA RESURGENCE FUND 2 SCHEME 4

Date SPI Disclosed

May 15, 2025

Country

India

Region

South Asia

Projected Board Date

Jun 20, 2025

Environmental Category

FI-1 - Significant

Status

Active

Last Updated Date

Oct 26, 2025

Department

Regional Industry - FIG Asia & Pac

Industry

Financial Markets

Previous Events

Approved : Sep 9, 2025
Signed : Sep 26, 2025
Invested : Oct 20, 2025

Sector

Distressed Assets SPV

Project Description

The proposed project entails an IFC equity investment of up to US$40 million in India Resurgence Fund 2 (Fund), the second fund raised by India Resurgence Asset Management Business Private Limited (IndiaRF, or the Fund Manager). The Fund will focus on distressed and special situations in India, targeting control turnaround investments and aiming a size of up to US$1 billion.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan
Equity	40.0

IFC's loan to the financial institution described in this SII is targeted for on-lending to the following sector(s):

Product Type	Use of Proceeds
Straight Equity	DARP - Corporate NPLs - Single assets

IFC's Definitions of Targeted Sectors can be found here.

Development Impact

Indicator	Metrics	Comments	Calendar Year 2022	Calendar Year 2023	Calendar Year 2024
Volume of Distressed Loans Acquired	USDMill	Volume of Distressed Loans Acquired and Financing provided to companies	Pre-dates IFC investment	Pre-dates IFC investment	Pre-dates IFC investment

E&S Category Rationale / Risks and Mitigation

India Resurgence Fund 2 (Fund) will invest in distressed and special situations in India, focusing on control turnarounds by way of balance sheet restructuring, recapitalization, and operational improvements. Investment structures will include debt, quasi-debt, and equity and equity-like instruments. Fund II will target mid-sized mature/growth companies. It will not invest in any coal related sub-projects. Due to the nature of distressed and special situations sector, some investments may also present limited access and leverage to the fund manager to assess and mitigate the E&S risks and hence residual risks will remain. While the fund will largely be sector-agnostic, it will prioritize investing in the following themes- manufacturing and infrastructure (steel, cement, roads etc.); export-oriented production (pharma, chemicals etc.), and domestic consumption (healthcare, hospitality, consumer brands retail etc.). Some of these target sectors could potentially be exposed to significant E&S risks related to involuntary resettlement, adverse impacts on Indigenous Peoples, significant risks to the environment, community health and safety, biodiversity, cultural heritage, significant retrenchment, or significant occupational health and safety risks. The Fund may also investment in financial service sector companies. The E&S risk of the proposed investment is high, and the project is categorized as FI-1 according to IFC's Policy on Environmental and Social Sustainability. The applicable performance requirements will be i) the IFC- FI Exclusion List; ii) the relevant national E&S laws and regulations; and iii) the IFC Performance Standards.

Refer publicly disclosed ESG policies at https://www.indiarf.com/esg. The Fund manager has an ESG policy and procedures (together 'the ESMS') which describes the fund manager's approach to E&S risk identification and management viz, pre-screening, categorization, due-diligence, integration of ESAP into investment agreements, and post investment monitoring. The E&S diligence process is integrated with the business diligence process and fund manager's team is sensitized on the E&S risk management. The fund manager has a qualified E&S specialist as its ESG lead, while other senior management personnel are also involved in managing ESG risks in investments and portfolio. The fund manager engages qualified ESG consultants for conducting environmental and social due diligence (ESDD) on its investments, and in providing monitoring support, where needed. The fund manager is in the process of updating its ESG policy and procedures. The updated ESG policy and procedures will include enhanced monitoring framework and an external communications mechanism (ECM). As part of the revised ESG Policy, fund manager will not invest in high risk investments which present limited access/leverage and also limit its exposure to high risk investments overall. It will also include gender based violence and harassment (GBVH) and child safeguard risk assessment within the scope of ESDD for specific sectors/industries.

S.no	Title	Anticipated Completion Date
1	Update ESG policy and procedures	06/30/2025

Contacts

For Inquiries About the Project, Contact

India Resurgence Asset Management Business Private Limited
Shantanu Nalavadi
Managing Director
91 22 68608510
Notices@indiarf.com
3rd Floor, Piramal Tower, Peninsula Corporate Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai 400013
https://www.indiarf.com/

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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.

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

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Affected communities have unrestricted access to the Compliance Advisor Ombudsman (CAO), the independent accountability mechanism for IFC and MIGA. CAO facilitates the resolution of complaints related to IFC and MIGA projects and sub-projects, undertakes reviews of IFC’s and MIGA’s environmental and social compliance, fosters public accountability for their commitments, and enhances the environmental and social performance of IFC and MIGA.

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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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