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The Project is expected to: (i) improve access to nutritious value-added dairy products for Indian consumers, particularly base-of-the-pyramid populations; (ii) strengthen livelihoods of smallholder dairy farmers through increased milk procurement, improved market access, and continued technical support; (iii) generate economy-wide benefits through job creation and investments in dairy processing, logistics, procurement, and distribution infrastructure; and (iv) enhance competitiveness in India’s value-added dairy sector by expanding domestic production of higher-value dairy ingredients, supporting import substitution, innovation, and broader sector development.

The Project is expected to: (i) provide growth capital to support Milky Mist’s expansion in value-added dairy products, cold-chain infrastructure, and nationwide distribution without increasing leverage; (ii) catalyze additional private capital and support successful IPO execution through IFC’s role as an anchor investor, strengthening investor confidence and market liquidity; and (iii) enhance the Company’s environmental and social management systems, supplier management practices, grievance mechanisms, and implementation of GBVH and child safeguarding measures aligned with IFC Performance Standards and international good practices.

Indicator	Metrics	Comments	Calendar Year 2022	Calendar Year 2023	Calendar Year 2024
Direct Employment (#) Operations And Maintenance	individuals		Not Available	Not Available	Not Available
Sales : total	MT		Not Available	Not Available	Not Available
Board Composition - Total (#)	number		Not Available	Not Available	Not Available
Direct Employment (#) Operations And Maintenance	individuals		Not Available	Not Available	Not Available

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 issues and risks associated with the project include: 1) the Company's E&S management and monitoring systems capacity to assess and manage E&S risks and impacts arising out of its entire operational footprint including associated facilities in compliance with IFC PS requirements; 2) assurance of fair, safe and healthy labor working conditions in compliance to applicable labor regulations and IFC PS2 requirements including contractor management, worker accommodation, and gender based violence & harassment (GBVH) prevention; 3) management programs covering resource efficiency measures, greenhouse gas (GHG) emissions, monitoring and management of pollution, hazardous material management systems and pest control measures in compliance with IFC PS 3 requirements and applicable WBG EHS Guidelines; 4) community health and safety risks such as transport safety, offsite emergency preparedness, security practices, and GBVH/child protection (CP) risks in the community-facing raw milk procurement activities and transport fleet operations; and 5) stakeholder engagement and grievance mechanism.

Please refer to the related Environmental and Social Review Summary (ESRS) document for this project.