27624 - Jain-II

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Summary of Proposed Investment

Project Number

27624

Company Name

JAIN IRRIGATION SYSTEMS LIMITED

Date SPI Disclosed

Dec 19, 2008

Country

India

Industry

Agribusiness and Forestry

Projected Board Date

Jan 23, 2009

Status

Completed

Sector

Other

Department

Gbl Ind, Manufact, Agribus & Services

Environmental Category

B - Limited

Previous Events

Approved : Apr 3, 2009
Signed : Apr 6, 2009
Invested : Apr 9, 2009

Project Description

Jain Irrigation Systems Ltd. (JISL or the company) is India’s largest provider of micro-irrigation systems (MIS). In addition to MIS, the company is also a leading producer of plastic sheets and pipes, and processed fruits and vegetables. Its headquarters are located in Jalgaon in the western Indian state of Maharashtra. IFC is considering providing a corporate loan to JISL to finance its capital expenditures program.

Sponsor / Cost / Location

Product Line	IFC Investment (million USD)
Risk Management
Guarantee
Loan	30.0
Equity	14.22

Development Impact

The proposed capital expenditure is expected to increase in agricultural productivity from the adoption of high-tech micro irrigation systems, which will reduce water and inputs (fertilizers, energy & others) usage by the agricultural sector in India and assist global drive for green cover for conserving natural resources (water, wood, forestry, etc.) and protecting environment. It will also contribute to increased land usage through waste land transformation. It will promote world-class processed fruit & vegetable production in India by employing contract farming. It will also provide revenues to the government from increased taxes & duties, increase in stability and level of farmer income, create new employment within the company as well as indirect employment opportunity through sustained agriculture & allied services, which will assist rural development, improved living standard for small farmer families, rural wealth formation, prevent migration & pressure on urbanization as well as play a catalyst role of supporting agro processing industries.

IFC’s role includes:

- financing the growth of a leading local MIS company which promotes the use of more efficient and water-saving agricultural practices in India;
- reinforcing the company’s commitment to agricultural development as well as rigorous environmental and social standards;
- supporting the company’s expansion into overseas markets including Africa and Middle East; and
- providing long-term loans not easily available in the local market.

This is a Category B project according to IFC’s Procedure for Environmental and Social Review of Projects because a limited number of specific environmental and social impacts may result which can be avoided or mitigated by adhering to generally recognized performance standards, guidelines or design criteria. The review of the project consisted of appraising technical, environmental, health, safety and social information submitted by the company, meeting with the management of the company, and visiting the project sites. The impacts and the mitigation plans have been discussed in the Environmental and Social Review Summary, which has been disclosed locally at the following location:

Jain Field, National Highway No. 6,
At post- Bambhori
Taluk- Dharangaon, District-Jalgaon
Maharashtra 425001
India

Contacts

For Inquiries About the Project, Contact

Mr. Manoj Lodha, President Finance & Banking
Jain Irrigation Systems Ltd.
Jain House, 41/43, Police Court Lane, Fort
Mumbai – 400 001 India

Telephone: +91 22 22610011
Fax: +91 22 22621177

For Inquiries and Comments About IFC, Contact

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Washington DC 20433
Telephone: 202-473-3800
Fax: 202-974-4384
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Local Access of Project Documentation

Environmental documenation will be made available at the following location:

Jain Field, National Highway No. 6,
At post- Bambhori
Taluk- Dharangaon, District-Jalgaon
Maharashtra 425001
India

This Summary of Proposed Investment is prepared and distributed to the public in advance of the IFC Board of Directors' consideration of the proposed transaction. It is not an offer of shares to the public and is intended solely to enhance the transparency of IFC’s activities. This document should not be construed as presuming the outcome of the Board decision. Board dates are estimates only. The following SPI is disclosed in accordance with IFC’s Policy on Disclosure of Information that went into effect April 30, 2006.

The map is for illustrative purposes and does not imply the expression of any opinion on the part of the World Bank, concerning the legal status of any country or territory or concerning the delimitation of frontiers or boundaries. Country borders or names do not necessarily reflect the World Bank Group's official position. In some cases, available project location information is limited to the country of the project's activities. Locations are approximate.

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