ETC Agro Processing (I) Private Limited (ETC India), one of the largest pulses processor in the world and trader of pulses in India, will invest $77 million to ramp its capacity. The project will be backed by International Finance Corporation (IFC).ETC India, headquartered in Mumbai, has a total pulses processing capacity of 500,000 metric ton per annum (MTPA) spread across 3 facilities in Gujarat, Maharashtra and West Bengal. Company plans to improve the operational capacity of its existing plants from the existing 50 per cent level to 85 per cent by fiscal year 2022. The company also wants to augment its pulse processing capacity by annual leasing of third party operated pulse processing plants (3P mills) and has set a target of 40,000-60,000 MTPA in FY20. Eventually, the firm targets augmenting approximately 140,000 MTPA processing capacity through annual leasing of 3P mills by fiscal year 2022.According to a project document, in order to improve its country-wide presence and pulse processing capacity, which is currently limited to western and eastern states of India, it has identified five clusters in India.The company is now expanding its operations nationwide, with a strategic focus on the higher yield and less volatile processing segment and by embarking on an asset-light model for future expansion.Total cost of the project is approximately $77 million, out of which IFC plans to provide a loan of approximately $22.5 million in the form of a Non-Convertible Debenture (NCD), said IFC, World Bank's investment arm. The investment would support ramp-up of the company’s operations across its own processing capacities in Kolkata, Gujarat and in Maharashtra and third party processing units across India.ETC India is a wholly-owned subsidiary of ETC Group Ltd (ETG), a strategic client of MAS Agribusiness with investments in Africa and India. ETC Group is controlled by Mahesh Patel, Ketan Patel and Birju Patel, who were born in Africa and are based in Tanzania, London and South Africa. In addition, other private equity investors such as Mitsui & Co and Pembani Remgro Infrastructure Fund own minority stake in ETC Group.