DCM Shriram gets Rs 1 bn green loan from Standard Chartered

11 Apr 2024 CW Team

DCM Shriram announced that it had obtained Rs 1 billion in sustainable finance from Standard Chartered Bank to support the forthcoming compressed bio-gas plant in Uttar Pradesh. According to the company, the compressed bio-gas plant, with a daily capacity of 12 tonnes, at the Ajbapur Sugar Unit, will manufacture compressed bio-gas using 'pressmud' as the feedstock, which is a by-product generated during the sugar manufacturing process.

Amit Agarwal, the Executive Director and Group CFO of DCM, stated that this marks the company's second sustainable finance transaction in the past six months.

Shobana Chawla, Executive Director of Sustainable Finance at Standard Chartered Bank, mentioned that sustainable financing remains a key strategic priority for the bank. She elaborated, saying, "We have been aiding our clients in transitioning to net zero, and at the group level, we have committed to mobilizing $ 300 billion in sustainable finance by 2030. Providing this facility to DCM Shriram is one such initiative."

DCM Shriram operates in various sectors including Chlor-vinyl, power, cement, sugar, and fertilizer, among others.

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