IFC to provide $ 45.8 million package to Soktas
International Finance Corporation, World Bank's private sector arm, will provide an $ 45.8 million financial package to Soktas, a textile manufacturer.
By Agencies |
BANGALORE: International Finance Corporation, World Bank's private sector arm, will provide an $ 45.8 million financial package to Soktas, a textile manufacturer.
The package shall help both Soktas and its subsidiary Soktas India upgrade their capital equipment and shift to higher value-added products, increasing their competitiveness in export markets, an IFC release said.
The package would include long-term loans to Soktas Turkey and Soktas India, in addition to an equity investment in Soktas India, it added.
The package would enable the company set up a greenfield manufacturing plant in India for producing yarn-dyed shirting fabric to serve the expanding markets in India and Southeast Asia.
The package shall help both Soktas and its subsidiary Soktas India upgrade their capital equipment and shift to higher value-added products, increasing their competitiveness in export markets, an IFC release said.
The package would include long-term loans to Soktas Turkey and Soktas India, in addition to an equity investment in Soktas India, it added.
The package would enable the company set up a greenfield manufacturing plant in India for producing yarn-dyed shirting fabric to serve the expanding markets in India and Southeast Asia.
Start a SIP with as low as ₹500 with ET Money App!
Download
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
The Economic Times News App for Quarterly Results, Latest News in ITR, Business, Share Market, Live Sensex News & More.
ADVERTISEMENT
