IFC loans euro 10 million to Same DeutzFahr India

IANS – Tue 10 Jul, 2012 10:13 PM IST

Chennai, July 10 (IANS) The International Finance Corporation (IFC) Tuesday announced a loan of euro 10 million (Rs.680 million) to the Indian subsidiary of Italian tractor maker Same DeutzFahr for expanding its operations in this country.

Same DeutzFahr has a tractor plant in Ranipet, around 120 km from here.

The loan will support the upgradation of SameDeutzFahr's existing plant and help the company design tractors suited to the requirements of Indian farmers, the IFC, a part of the World Bank, said in a statement.

As a low-cost manufacturing base and logistics centre for the region, the facility will produce tractors and engines for local as well as international markets, the statement said.

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