Announcement of IFC to Approve Investment in Indian Software Company September 12, 1988

1inal Finance Corporation September 12, 1988 Ekwow Spio-Garbrah FrK KHL/E Press Release No. 89/06 CONTACT (202) 473-7716 IFC APPROVES INVESTMENT IN INDIAN SOFTWARE COMPANY The International Finance Corporation has approved the purchase of a 20 percent equity stake in WBI Advanced Technology Ltd., an export oriented software company to be established in Conoor in South India by Westinghouse of the U.S. and other investors. IFC, an affiliate of the World Bank, is the largest multilateral source of financing for private investment in developing countries. The sponsors of the project are Westinghouse of the U.S., which will own 39.9 percent of WBI; Tata Group Companies (29.9 percent); IFC, which will invest $300,000; and Indus Technologies of the U.S. (11.1 percent). In addition to its investment, Westinghouse will act as WBI's international distributor and ensure export market access for WBI's products. The $3.6 million project will make use of the large pool of educated and skilled Indian labor force to provide a wide variety of computer software services to the international market. The services will include the conversion of drawings from paper to magnetic medium format for use in computer aided design, the design of application-specific integrated circuits, and software engineering. IFC has been investing in the Indian private sector for twenty years. During that time it has approved over $500 million in loans and equity to some 35 companies there in industries ranging from motor vehicles and chemicals to shipping and capital markets. In recent years, IFC has been focusing increasingly on helping small and medium-scale private enterprises in developing countries. - END -