IFC proposes $23.9m investment in Indian wastewater treatment firm Ganga STP

IFC/World Bank HQ. Photo: IFC

International Finance Corporation (IFC), a member of the World Bank Group, has proposed an investment of up $23.9 million in Ganga STP Projects Private Limited, a special purpose company that seeks to provide wastewater treatment in West Bengal, India.

In its disclosure, IFC said the investment includes a subscription to non-convertible debentures of up to Rs 1.047 billion ($14.2 million) and mobilisation of a loan of up to Rs 712 million ($9.7 million) for the special purpose company incorporated by VA Tech Wabag Limited, a Chennai-headquartered pure-play water technology firm that focuses on water treatment for municipal and industrial users.

Ganga STP has created a wastewater treatment facility through the Howrah Sewerage project in the Kolkata Metropolitan Development Authority (KMDA) area in West Bengal, India. The project has an estimated total cost of Rs 4.176 billion ($56.8 million).

IFC said the project will provide wastewater treatment amidst growing pollution of rivers due to lack of treatment capacity in the country.

“The project could help promote market competitiveness by supporting an innovative HAM (hybrid annuity model) structure in the wastewater sector in India as the government attempts to create bankable structures to encourage private sector participation,” IFC said.

HAM is a popular type of public-private partnership that has been used in India for roads and is being attempted in other sectors.

With the proposed investment, IFC said it will be supporting a reputable water sector-focused domestic sponsor and will contribute to the creation of more efficient and sustainable assets and promote private sector investments.

In addition, IFC will provide support to the company in implementing the necessary measures to manage environmental and social risks according to IFC’s Performance Standards.

The project’s sponsors are Wabag and KWMPL, a portfolio company of the Green Growth Equity Fund. The fund invests in scalable operating companies and platforms across renewable energy, energy efficiency, energy storage, e-mobility, resource conservation, and associated value chains in India.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.