International Finance Corporation, a branch of World Bank, will invest USD 30 million in Kalyani Gerdau Steels to help revive the company’s operations that were shut down for more than 18 months. A JV between the Brazilian steel firm Gerdau and India’s Kalyani group, the company discontinued operations upon realizing that they were unviable due to certain technical issues. IFC will clear the proposed investment to KGSL in the form of a loan for further enhancement to the company’s manufacturing facility. A coke oven plant and a 12MW waste heat recovery based power plant will be added. In 2010, IFC extended USD 25 million in financing to KGSL to partially fund the restoration and modernization of its steel manufacturing facility. KGSL acquired the integrated alloy plant in June 2007; Gerdau and the Kalyani group agreed to hold 45% equity each, with the remaining 10% going to other investors. As part of the revival program, the company proposed to set up a 1300tns per day sintering plant, a 0.3 million tonnes per year steel rolling mill, a 400tns per day coke oven plant and a power project using blast furnace gases.