NCML to invest Rs 506 cr in grain silos in India, IFC to back the project

NCML will develop these grain silos at seven locations in Punjab, Haryana and Uttar Pradesh under a 32-year concession agreement awarded by FCI

Fairfax-controlled National Collateral Management Services Ltd. (NCML) will invest around Rs 500 crore to develop grain storage silos in India under a 32-year concession agreement awarded by the Food Corporation of India. The proposed investment will be backed by International Finance Corporation, investment arm of the World Bank.

The total Project cost is Rs 506 crore and IFC’s proposed investment is by way of subscription to unlisted, secured Non-Convertible Debentures for a total of up to 330 crore to be issued by the 7 Project SPVs. These SPVs will develop grain silos with a capacity of 50,000 metric tonnes each