IFC to invest $100m in India’s Bilt Paper
International Finance Corporation (IFC) has agreed to acquire a 14.29% stake in Bilt Paper, a subsidiary of Indian paper manufacturer Ballarpur Industries, for $100 million.
The deal values Bilt Paper at $600 million, according to a regulatory filing. The firm, which had tried to go public in London three years ago, is still looking at listing its shares on an overseas exchange.
In June, Ballarpur informed that Bilt Paper was evaluating and exploring options for receiving equity or debt investment from IFC. Last month the firm announced that IFC's board had approved an equity investment of $100 million and long-term loans of as much as $150 million.
Bilt Paper has four manufacturing plants in India. The firm has approximately 38% of the coated wood-free paper market and 25% of the uncoated paper, besides being the country's largest exporter of coated and uncoated paper.
India is the biggest investment destination for IFC, the investment arm of the World Bank. As of the end of June last year, IFC's committed portfolio in India stood at $4.5 billion.
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