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IFC sanctions funds for Piaggio
29 July 2010: International Finance Corporation (IFC) has sanctioned a Euro 45 million (approx Rs 270 crore) loan to Italian vehicle maker Piaggio, which plans to hire 300 people in India to expand its operations.
The loan will support expansion of the company's existing plant at Vinh Phuc in Vietnam and Baramati in India. The project will allow Piaggio to introduce a variety of new products, with improved fuel efficiencies, to the Indian market.
The Indian plant of Piaggio manufactures fuel-efficient diesel and turbo engines for its two-wheelers and light commercial vehicles.
Source: Economic Times