While Piaggio has announced its plans to hire close to 300 people in this year, the World Bank arm IFC also said it has sanctioned a 45 million euro (about Rs 270 crore) loan to Italian vehicle maker.

IFC Director (Global Manufacturing and Services) Dimitris Tsitsiragos said in a statement that the company is very much pleased to announce its first alliance with Piaggio.

Moreover, the director also pointed out the fact that the deal will help the company to develop environment friendly engines for the Indian and Vietnam market. It is to be mentioned here that the 45 million euro loan will support expansion of the company in the Indian and Vietnam regions.

The company has plants in Vinh Phuc in Vietnam and Baramati in India. While the company will hire close to 300 people in India, perhaps the Vietnam region is getting an additional benefit as the company will hire close to 480 people in the Vietnam region.

Moreover, the statement issued by IFC added that the project will allow Piaggio to introduce a variety of new products, with improved fuel efficiencies, to the Indian market.