Indian economic growth has gained momentum due to an accelerating expansion by the private sector and the International Finance Corporation has supported this trend with a record level of investments in the financial year 2004, IFC has said.
The private sector remains at the foundation of this strong performance as entrepreneurs throughout South Asia, including India, strive for international competitiveness and identify opportunities to expand operations within the region and beyond, IFC, which is the private sector arm of the World Bank, said.
IFC has supported this trend with a record level of new investments -- $405 million as well as $109 million in loan syndications.
It has also provided technical assistance to help companies improve competitiveness, access longer term funding and reach new markets, the organisation said.
The assistance includes facilitating investments between developing countries and strengthening links between small businesses and larger IFC clients.
The year saw an investment in India's largest producer of writing and printing paper, Ballarpur Industries Ltd, to help raise the efficiency of its local operations and support expansion of its farm forestry programme, with substantial benefits for rural farmers.
IFC has also helped RAK Ceramics, a United Arab Emirates-based company that was already a client in Bangladesh, invest in new capacity for manufacturing ceramic tiles in India.
Other investments that increase competitiveness include United Phosphorus Ltd, one of India's largest producers of crop protection products and among the top five generic agricultural companies in the world and Crompton Greaves Ltd, a key player in India's electrical equipment and engineering industry and the country's largest exporter of transformers.
IFC investment in CMS Computers, one of the largest IT service companies serving the domestic Indian market, will support the company's efforts to increase competitiveness and expand operations within India.
It has established its first partnership in India's power transmission sector following the government's decision to open it to private participation.
Powerlinks, a joint venture between the Tata Power Company and Power Grid Corporation of India, will facilitate transmission of power from a hydropower project in Bhutan and surplus power from other regions to the north of India.
With improved availability of mortgage finance stimulating construction throughout India, IFC helped HDFC access international markets for longer term funding of its mortgage finance business and assisted Birla Home Finance in broadening its housing finance operations, particularly those aimed at middle income households in India.
It is also helping Max Healthcare build the first integrated health care delivery network.
IFC recently provided Cairn with a long-term revolving corporate facility to finance growth in its production capacity and exploration activities in the region.
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