IFC, a member of the World Bank Group, is planning an investment of $30 million in Kudos Chemie Limited, a Punjab-based specialty and fine chemicals manufacturing company. The company, promoted by Jitendra Singh and family, is expanding the manufacturing facilities with a capital expenditure of up to $135 million across multiple phases.
Kudos Chemie Limited specializes in products under the Xanthenes group of chemicals, including synthetic caffeine. The proposed project, to be implemented in multiple phases, involves capacity expansion and forward integration into related products like theobromine and theophylline as well as backward integration into manufacturing of key raw materials such as acetic anhydride and a power plant which will operate on rice husk, a renewable resource.
The project and the plant is located at Dera Bassi, Punjab. Dera Bassi has been identified by the Government of Punjab as an industrial area to help build local industries and promote industrial development in the state.
IFC is the largest global development institution focused on the private sector in developing countries. IFC’s investments climbed to a record $18 billion in fiscal 2010. IFC’s held portfolio of $2.3 billion (as of June 2007) makes India IFC’s third largest country of operations.