NEW DELHI, Jul 06, 2006 -- AsiaPulse

 

The International Finance Corp, the World Bank's private sector lending arm, on Wednesday said it would give a US$19.4 million loan to Continental Carbon India Ltd, besides investing US$2 million as equity.

The loan would enable CCIL, based in Uttar Pradesh, to expand its power production capacity with a new 15 MW plant, the IFC said in a release.

The IFC would extend US$7 million from its own account and would syndicate the balance of US$12.4 million, it said.

CCIL would use the loan to generate power from waste gasses released in the production of carbon black. The company plans to sell this power to local power distribution company.

"Our role in mobilising long-term funding to expand CCIL's power production capacity is in line with IFC's strategy of improving infrastructure through greater private participation," the IFC's Director of Oil, Gas, Mining and Chemicals, Rashad Kaldany said.

(PTI)

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