IFC to fund Parag Milk's working capital needs, long-term expansion plans

Parag was established in 1992 and is one of India's largest dairy companies

Parag Milk Foods Limited (Parag) is planning to raise money from International Finance Corporation (IFC) for meeting the company's working capital needs and for its long-term expansion plan.

IFC committed around $31 million (around Rs 230 crore) to Parag in the form of non-convertible debentures to support the company’s working capital needs and long term capex plans.

IFC’s investment under RSE Covid-19 facility aims to provide Parag with sufficient additional liquidity in support of its working capital needs and its long term expansion plans.

IFC’s proceeds will be used for further development of milk processing plants at two locations – Manchar in Maharashtra,