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IFC to support Netafim India's capex & working capital requirements

The proposed $75 million long-term financing will be in the form of Non-Convertible Debentures

capex, capital, expenditure
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Funds will be disbursed to Netafim India to cover its financing needs throughout the country.

T E Narasimhan Chennai
International Finance Corporation (IFC) says it will support irrigation major Netafim India's capex and working capital requirements. The company would require around $75 million for its proposed projects. Netafim India’s parent company, Netafim Ltd, is 80 per cent owned by Orbia (formerly Mexichem)

IFC said that the company is facing delays in receivables caused by the Covid-19 pandemic, which has led to higher working capital requirements. Netafim India requires $75 million of financing for the coming years to support its working capital needs, cover the financing needs of new community irrigation projects, and execute capital expenditure investments to maintain its production

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First Published: Oct 27 2020 | 10:06 AM IST

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