This report provides the findings of CAO’s compliance investigation into IFC’s investment in Amalgamated Plantations Private Limited (APPL) (“the client”), the second largest producer and supplier of tea in India...CAO has made a number of noncompliance findings in relation to IFC’s handling of this investment. These cover IFC’s pre-investment E&S review as well as its supervision of the project. Both during the pre-investment phase and during supervision, CAO finds that IFC underestimated the E&S challenges associated with the project. Addressing these in accordance with IFC requirements will require the dedication of resources and relevant sectoral expertise beyond that which IFC has made available to the client to date.