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The Japan Bank for International Cooperation (JBIC; Governor: Hiroshi Watanabe) signed today a loan agreement totaling up to USD2.1 million (JBIC portion) with Kusakabe Electric & Machinery Co., Ltd. (KUSAKABE; Headquarters: Hyogo Prefecture; President: Ryoji Kusakabe). This loan is cofinanced with The Bank of Tokyo-Mitsubishi UFJ, Ltd., with the overall cofinancing amount reaching the equivalent of USD3 million.
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This loan will finance the manufacturing and sales business of pipe mills being conducted by KUSAKABE INDIA PRIVATE LIMITED (KI), an Indian subsidiary of KUSAKABE. The loan will fund the construction of a new factory of KI.
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KUSAKABE, which started business in 1916, is a small and medium-sized enterprise (SME) manufacturing and selling pipe mills. A number of Japanese-affiliated companies, including steel pipe manufacturers, are expanding their business into India on the back of the future potential of growth in the local market and inexpensive labor force. Amid these developments, KUSAKABE established KI in the State of Andra Pradesh in India as its overseas production base to meet the needs of pipe mills by Japanese-affiliated companies operating in India, with an intention to expand its local business through KI. Thus, this loan will support the overseas business deployment of KUSAKABE and thereby contribute to maintaining and strengthening the international competitiveness of Japanese industries.
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As Japan's policy-based financial institution, JBIC will continue to support overseas business deployment of Japanese companies, including mid-tier enterprises and SMEs in growing markets such as India, by drawing on its various financial facilities and schemes for structuring projects, and performing its risk-assuming function.
