Mumbai: Avantha Group-controlled Ballarpur Industries Ltd on Wednesday said that International Finance Corporation (IFC), the World Bank Group arm that lends to the private sector, has agreed to invest up to $250 million (around 1,515 crore today) in one of its units through equity and long-term debt.

In a filing to BSE, the company said IFC will invest $100 million through equity investment and $150 million through long-term loans which will be subject to satisfactory documentation and satisfaction of all necessary conditions set by IFC.

The company will use the funds to repay debt, it added.

On 27 July, Bilt Paper BV, a subsidiary of Ballarpur Industries, informed the stock exchanges that it is exploring options with IFC for receiving investments in a combination of debt and equity.

Bilt Paper is also exploring the possibility of listing its shares on an overseas stock exchange.

As of June 2014, the company has a consolidated debt of 5,233.69 crore.

At 10.43am, Ballarpur Industries was trading at 18.75 on BSE, up 6.53% from its previous close, while India’s benchmark Sensex gained 0.43% to 27,134.90 points.