IFC invests Rs 130 cr in Srinivasa FarmsPTI | Hyderabad | Updated: 08-08-2019 15:57 IST | Created: 08-08-2019 15:57 IST
As part of strategic investment to support India's agribusiness sector, International Finance Corporation (IFC), a member of the World Bank Group, has committed to invest Rs 130 crore (USD 18.75 million) in Srinivasa Farms Pvt. Ltd. According to a press release issued by the company, the first tranche of Rs 65 crore (USD 9.37 million) has already been invested.
Srinivasa Group is one of the leading players in the integrated layer and broiler business which has diversified interests in soya, feed, contract farming, chicken processing and retail. "Strengthening the agribusiness sector is at the heart of India's development agenda. It is a sector of strategic focus for IFC. Investment in the poultry sector can lead to job creation for low-skilled workers who are entering formal labor force for the first time," Jun Zhang, IFC Country Head India said.
Srinivasa's successful expansion will create jobs, improve rural logistics, and help create a market linkage for small farmers, Zhang said. IFC's investment would help roll out the company's network to new areas and expand farmer reach.
KPMG was the exclusive financial advisor to the company for the transaction, it added. Vice Chairman and Managing Director of Srinivasa Farms, Suresh Chitturi said over the next two to three years, the company would invest over Rs 300 crore in doubling the capacities..