The IFC’s worker shareholder failure
There are lessons to be learnt from the IFC's failure to successfully support the model with its investment in Assam and West Bengal tea plantations
Almost exactly nine years ago, on 27 April 2009, the World Bank’s private sector arm—the International Finance Corporation (IFC)—invested in Amalgamated Plantations Pvt. Ltd (APPL), which has 25 tea plantations in Assam and West Bengal. The IFC owns 16% of APPL, while tea workers themselves, some 16,500 of them, own 9% equity. The Tata Group retains a majority 66% stake through Tata Global Beverages and Tata Investment Corp. Ltd.