TVS Capital and International Finance Corp Back Dunar Foods

Indian private equity fund TVS Capital and International Finance Corp, an arm of World Bank, have jointly invested 1.24 billion rupees ($24.81 million) in Indian rice processor, Dunar Foods, writes Reuters. Dunar, based in the northern Indian state of Haryana, exports basmati rice to Middle East, Europe and the US.

Reuters – Indian private equity fund TVS Capital and International Finance Corp, an arm of World Bank, have jointly invested 1.24 billion rupees ($24.81 million) in Indian rice processor, Dunar Foods.

Dunar, which is based in the northern Indian state of Haryana, exports basmati rice to Middle East, Europe and the U.S., a statement issued by Dunar and TVS Capital said.

IFC, along with U.S. private equity firm, Warburg Pincus, recently invested $50 million in a non-banking finance company, Au Financiers..

($1 = 49.9750 Indian rupees) (Reporting by Indulal PM; Editing by Subhadip Sircar)