IFC to provide $25m to General Atlantic-backed Fourcee

Founded in 2002, Fourcee transports non-petroleum-oil-lubricants liquids such as chemicals, petrochemicals and molasses in internationally certified tank containers over the railway network.

The Mumbai-based company is now embarking on an expansion program intended to augment its container and rake capacity. Capital expenditure for the next financial year is estimated at $132 million and IFC's investment will part finance the project cost.

"The project will (i) encourage private sector participations in the rail logistics sector to augment operations of the Indian Railways; (ii) encourage shift of cargo to rail which is environmentally friendly and fuel efficient over certain distances; (iii) increase provision of logistics infrastructure to serve clients in low income states, and (iv) increase government revenues through payment of license fees and taxes," IFC said in an investment disclosure.

In January this year, Mayfield India Fund completed its exit from Fourcee, coming as GA invested $104 million in the logistics company. The private equity player reportedly achieved a money multiple of around 10x on its investment.

Fourcee's investors also count India Equity Partners, a mid-market private equity firm which invested $10 million in the company in January 2011.

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• Topics
• South Asia
• Expansion
• Infrastructure
• India
• IFC
• General Atlantic
• Mayfield
• India Equity Partners