The proposed IFC
investment would fund the incremental working capital requirements due to the impact of Covid-19, and any potential shortfall in cash flow generation for planned and future capital expenditures, said IFC.
JKPL is a leading Indian producer of office papers, packaging boards, printing and writing papers, and specialty papers, and is publicly listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
In 2018, IFC disbursed $44.7 million in the form of an INR denominated A loan (category description) to the company to help improve its productivity and refinance its existing debt.
The company is a part of the JK Organisation group of companies
that is run by the Singhania family of India. The Singhania family has a legacy of over 130 years and runs the well-respected JK Organisation which was established in 1888. The promoter group together owns 48.9 per cent of the company, while the public owns 51.1 per cent.