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IFC sells Kanoria Chemicals stake for $4.4m

14 Dec 2012

IFC, the investment arm of the World Bank, has sold more than six million shares in Kanoria Chemicals and Industries for about $4.4m.

The firm invested $5m in the chemicals company in 2007 alongside $15m of debt.

Those shares were bought by Kanoria Chem and Ind Ltd, which picked up a total of 6.6 million shares on India’s National Stock Exchange at INR39.99 each.

IFC made its initial investment to back the expansion of Kanoria’s caustic soda unit in Uttar Pradesh.

Last month IFC said it planned to invest in Indian real estate company Value and Budget Housing Corporation to support the build-out of new affordable residential accommodation.

Projects under development are located in Bengaluru, Chennai and Mumbai, with new locations planned in Rajasthan, Gujarat, Maharashtra, Tamil Nadu and Uttar Pradesh. IFC has committed to part finance the total cost of $24m.

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