India: Shapoorji Pallonji-01/Pune
Land ownership dispute
IFC has an active equity investment of $34.44 million with Shapoorji Pallonji Company Limited (SPCL) in Pune, India to fund the development of affordable housing units. The IFC investment was made in 2015 and it is part of a $200 million financial platform called Joyville that was established by SPCL.
In December 2020, CAO received a complaint from an individual raising concerns that his farmland was forcibly and illegally taken from him and sold to develop and sell affordable housing units. Pending legal disputes over ownership of the land were also cited.
The complaint was found eligible for further assessment in December 2020, and the assessment was completed in October 2021. As the parties did not reach a consensus regarding participating in a dispute resolution process, the case has been referred to Compliance.
An assessment of the case has been completed. The case is now referred to Compliance.
Status as of October 19, 2021