Summary of Proposed Investment
Project Number
8025
Company Name
NICCO UCO ALLIANCE CREDIT LIMITED
Date SPI Disclosed
Apr 15, 1997
Country
India
Industry
Financial Markets
Status
Active
Sector
Leasing Services
Department
Global Industry, Financial Markets
Environmental Category
FI
Previous Events
Approved : Jun 30, 1997
Signed : Oct 27, 1997
Invested : Jun 10, 1998
Project Description
Summary Of Project Information (SPI)
| Project Name | India-Nicco Uco Financial Services Limited (NUFSL) |
| Region | Asia |
| Sector |
Projected Board Date May 15, 1997
Company NameNicco Uco Financial Services Limited (NUFSL)
Technical Partner and/or Major Shareholders
Nicco Uco is owned by the Nicco Corporation (31%), one of the largest cable manufacturers in India; other shareholders include: Uco Bank (15%), the UK Merchant Bank Hambros (10%), Banco San Paolo di Torini of Italy (3%), IFC (10%) and Public (31%).
Project Cost Including proposed IFC investment
NUSFL has requested IFC to provide a long-term loan of US$10 million which will consist of: A loan US$ 5 million and a B loan of US$5 million
Location of project and Description of site
Calcutta, India
Description of Company and Purpose of Project
Nicco Uco Financial Services Limited (NUFSL or “the Company”) is a Calcutta based financial services firm engaged principally in leasing & hire purchase, corporate funding (short term working capital lending), merchant banking, and trade finance. IFC’s funds would enable the Company to expand its operations in much needed areas of leasing for small scale infrastructure projects: privately provided “municipal facilities”, power generators; as well as for machinery and equipment leases to its client SMEs. With the emergence of syndicated leases, medium sized leasing Companies such as NUFSL can play an important role in funding larger projects in their traditional lines and in infrastructure.
Environmental Category and Issues
This is a Financial Intermediary (FI) category project according to IFC''s environmental review procedure. For relevant operations, NUFSL will be required to implement an environmental management system consistent with Indian requirements and World Bank policies and guidelines. In addition, IFC will assess the Company’s capability to implement the system.
| Date SPI sent to PIC | April 15, 1997 |
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 676-0365
Sponsor / Cost / Location
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