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India's DCM Shriram & Standard Chartered Bank partner for CBG plant

11 Apr '24

2 min read

Pic: DCM Shriram Ltd

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DCM Shriram Ltd secures ₹100 crores ($12 million) transition finance from Standard Chartered Bank for a sustainable 12 TPD CBG plant in U.P.
The plant will use 'Pressmud' waste from sugar manufacturing.
This marks DCM Shriram's second sustainable finance transaction, showcasing their commitment to ESG principles and environmental stewardship.

DCM Shriram Ltd, a leading conglomerate with diverse business presence in Chlor-Vinyl, Agri-Rural, and Value Added Businesses, proudly announces 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 Bio Gas (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.

Mr. 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.