The Indian enterprise Suminter India Organics is working together with the Wold Bank arm IFC (International Finance Corporation) and will be supported with an investment of $25 million to source products from an additional 14,000 farmers.
"IFC takes an organic route" is the headline of a report of the Economic Times of India Times. The longtime organic firm (since 2003) and exporter Suminter is willing to work together with additional 14,000 farmers that are undergoing the process of organic certification. According to the International Finance Corporation's information portal IFC is planning to invest approximately Rs 150 crore ($25 million) to make that possible.
Suminter India Organics is one of the country's leading exporters of organic produce. The enterprise is working along the value chain from sourcin and processing to exporting certified organic products from India to Europe and the US. The funds of IFC will be used to expand its procurement and processing operations across the states of Rajasthan, Maharashtra, Madhya Pradesh, Odisha and Karnataka.
Sameer Mehra, founder of Suminter India Organics, will hold 45% of equity shares in Suminter, along with his family, while the balance 55% is held by Nexus India Venture Investments and Capricorn Investment Group.