DCM Shriram Ltd announced on Wednesday that it has secured a Rs 100 crore sustainable finance facility from Standard Chartered Bank to support the upcoming compressed bio-gas plant in Uttar Pradesh.
According to the company’s statement, the compressed bio-gas plant, with a capacity of 12 tonnes per day at the Ajbapur Sugar Unit, will utilize ‘pressmud’ as a feedstock, which is a waste product from 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.
