International Finance Corporation (IFC), the private-sector investment arm of the World Bank, plans to co-invest with India-focused mid-market private equity firm Lighthouse Funds in Haryana-based footwear maker Aqualite Industries Pvt. Ltd. Special purpose vehicle Lighthouse India III Holdings is investing Rs 251 crore (about $35.9 million) in Aqualite for a 16.5 per cent stake. IFC will invest up to $10 million (Rs 70 crore) in this special purpose vehicle. IFC's investment proposal will be placed before its board on 31 January next year. Lighthouse is investing through its third fund, Lighthouse India Fund III, in which IFC is a limited partner. IFC plans to invest up to $20 million and IFC Asset Management Company as much as $25 million. IFC has an active direct private equity-style investment practice in India and it also lends to companies in the country. Besides, it backs private equity and venture capital funds focused on India. Aqualite has manufacturing units in Haryana and Rajasthan. It has a pan-India distribution network of 35,000 retailers, with a significant presence in north and east.