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Future Consumer to raise Rs 280 cr from IFC, Verlinvest

Thursday, 23 May 2019
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Future Consumer (FCL) is planning to raise Rs 280 crore from the International Finance Corporation (IFC) and Verlinvest, a private equity and venture capital entity.

The proposed fund raising will support the company’s investment plan worth Rs 350 crore and to repay debt. IFC, the World Bank’s investment arm, will invest up to Rs 210 crore in FCL in the form of compulsorily convertible debentures. Verlinvest will invest up to Rs 70 crore.

FCL and the various intermediate investment entities will contribute Rs 70 crore. The money will go for development and expansion of manufacturing and processing operations for food and home and personal care products, expansion of its rural distribution network, working capital requirement and to meet coming debt repayments.

The investment will be at the company’s existing facilities, including at the integrated food park in Tumakuru region, Karnataka. IFC expects the project to raise the procurement of produce from local farmers.

 
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