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DFC announces US$ 600 mn in investments in India
The loans have been extended to many sectors including clean energy, healthcare, affordable housing, food security and others.
Representative Image / Image - Unsplash
The US Development Finance Corporation (DFC) has unveiled its comprehensive list of investments in India for fiscal year 2023.
The corporation is set to reinforce clean energy manufacturing and the diversification of vital supply chains in India through a substantial $425 million loan to TP Solar Limited, a wholly-owned subsidiary of Tata Power Renewable Energy Limited. This funding will be directed towards the establishment and operation of a new 4-gigawatt (GW) solar cell and 4 GW solar module manufacturing facility in India.
It is also injecting a $35 million equity investment into SAEL Industries Ltd to promote clean energy development in India. This funding will support the expansion of projects related to solar and waste-to-energy power generation and operations.
Additionally, to boost funding for Indian tech startups, it is investing $15 million in Ankur Capital Fund III. This investment aims to support innovative early-stage tech companies in India.
To enhance global access to cost-effective healthcare, the DFC is extending a $50 million loan to GeneSys Biologics Private Ltd. This funding will be directed towards the expansion of their insulin manufacturing facilities in India.
Further, in a bid to enhance food security in India, the corporation is granting a $33 million loan to Leap India Food and Logistics which will be used to construct grain silos.
To strengthen climate finance initiatives in India, the DFC is also extending a $10 million loan to Clime Finance Private Limited. Through a $12 million loan to Pahal Financial Services Private Ltd., it is offering support for the company's efforts to expand its microfinance portfolio. The primary focus of this expansion is to reach rural and semi-urban women in India.
Intending to boost affordable housing in India, the US DFC is also providing up to $20 million loan to Ummeed Housing Finance Private Limited. This funding will expand access to home financing within low- and middle-income communities, addressing the increasing demand for affordable housing and promoting homeownership.
Additionally, to aid the transition to electric vehicles in India, the DFC is allocating a $10 million loan to Upgrid Electrilease Private Limited, a company specializing in the management of a battery-swapping network for electric two-wheelers and three-wheeled electric rickshaws.
It is also contributing a $30 million loan towards expanding India’s recycling capacity and an $8.9 million loan for promoting innovative food security solutions in India.
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