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Saturday / May 25. 2024
HomeAgribusinessDCM Shriram secures Rs 100 Cr Sustainable Finance Facility from Standard Chartered Bank, India

DCM Shriram secures Rs 100 Cr Sustainable Finance Facility from Standard Chartered Bank, India

Funding will be used for company’s upcoming 12 TPD Compressed Biogas (CBG) Plant at Ajbapur Sugar Unit in the state of U.P.

DCM Shriram Ltd, a leading conglomerate with diverse business presence in Chlor-Vinyl, Agri-Rural, and Value-Added Businesses, announced the successful tie up of its sustainable finance facility in the form of transition finance of Rs 100 crores from Standard Chartered Bank, India to fund its upcoming 12 TPD Compressed Biogas (CBG) Plant at Ajbapur Sugar Unit in the state of U.P.

This investment further reinforces the company’s commitment towards circular economy and sustainability. CBG will be produced using ‘Pressmud’ as a feed stock – a waste generated in the sugar manufacturing process. The state-of-the-art plant has been designed as a Zero Effluent Discharge Plant.

Amit Agarwal, Executive Director & Group CFO of DCM Shriram Ltd, said, “This is our second sustainable finance transaction in last 6 months, which underscores our unwavering commitment to assimilating ESG principles into our business philosophy and driving positive impact while generating value for our stakeholders. This also underpins our belief that Business success goes hand to hand with environmental stewardship, embodying our commitment to a more sustainable future.”

Shobana Chawla, Executive Director, Sustainable Finance, Standard Chartered Bank, India, said, “Sustainable financing continues to be one of the strategic priorities at Standard Chartered Bank. We have been assisting our clients transition to net zero, and at a group level have committed to mobilise USD 300 billion in Sustainable Finance by 2030. This facility to DCM Shriram is one such initiative.”

This collaboration between DCM Shriram Ltd and Standard Chartered Bank signifies a shared commitment towards fostering sustainability and responsible business practices, further solidifying their dedication to more responsible future.

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