Our Corporate Bureau / BUSINESS STANDARD Jun 25, 2003, 00:00 IST
International Finance Corporation (IFC), the private sector lending arm of the World Bank, today said it will provide a $50 million loan to trucks to car maker Tata Engineering (Telco).
The money will be used to support the company’s on-going investment programmes as well as new product development initiatives, it added.
IFC has also signed an agreement to provide a loan of about $13 million to Dewan Housing Finance Corporation, an IFC release said.
The release also quoted Tata Engineering’s executive director Praveen Kadle as saying, “this investment is an endorsement of Tata Engineering’s plans and objectives and we look forward to a long-term partnership with IFC”.
IFC director for South Asia, Dimitris Tsitsiragos, said, “Tata Engineering has had a remarkable turnaround and has demonstrated its engineering expertise by successfully developing and marketing world-class passenger vehicles.”
Tata Engineering is one of the world’s top ten commercial vehicle makers, the release added.
Dewan Housing is currently the fourth largest housing finance company in the country and has a lending portfolio of about $200 million.
Dewan Housing chairman Rakesh Kumar Wadhavan was quoted as saying: “IFC’s loan marks the first time the company has worked with a foreign lender or multilateral agency. The funds raised through IFC’s loan will be used for on lending to clients who need housing finance”.
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