IFC to take 10% JK Paper stake for Rs 50cr

International Finance Corporation (IFC), the private lending arm of World Bank, will pick up 10% stake in JK Paper for Rs 50 crore.

The promoters will bring in a matching Rs 50 crore through preferential equity for the proposed expansion plan of setting up a 60,000 tonne capacity multi-layer packaging board unit.

Harshpati Singhania, managing director of JK Paper, will sign a memorandum of understanding with Vipul C Prakash, regional manager (South asia) of IFC, tomorrow.