Standard Chartered Bank Backs DCM Shriram with Rs 100 Cr

In a milestone achievement for India’s clean energy sector, DCM Shriram Ltd., a leading conglomerate with a diversified presence in chlor-vinyl, power, cement, sugar, and fertilizers, has secured a ₹100 crore sustainable finance loan from Standard Chartered Bank. This loan marks a significant stride towards DCM Shriram’s environmental sustainability goals and will be directed towards the construction of a new compressed bio-gas (CBG) plant in Uttar Pradesh.

Bio-Gas Plant to Champion Waste Reduction and Clean Energy

The upcoming CBG plant, situated at the company’s Ajbapur Sugar Unit, boasts a daily production capacity of 12 tonnes. The plant’s pioneering aspect lies in its utilization of “pressmud,” a waste product generated during sugar manufacturing. This innovative approach will transform pressmud into bio-gas, a clean-burning renewable fuel. The project exemplifies a circular economy approach, effectively reducing waste and generating valuable clean energy simultaneously.

Partnership Strengthens DCM Shriram’s Sustainability Journey

This loan marks DCM Shriram’s second sustainable finance transaction in just six months, solidifying the company’s growing commitment to environmental responsibility. DCM Shriram’s Executive Director and Group CFO, Amit Agarwal, emphasized the company’s dedication to “propelling a circular economy and integrating sustainability across our business operations.” This strategic shift positions DCM Shriram at the forefront of companies embracing eco-conscious practices.

Standard Chartered Bank: A Frontrunner in Sustainable Finance

Standard Chartered Bank has emerged as a prominent player in financing sustainable projects around the globe. Shobana Chawla, the bank’s Executive Director of Sustainable Finance, reiterated their unwavering commitment to supporting clients in transitioning towards net-zero emissions. She also highlighted the bank’s ambitious group-level target of mobilizing USD 300 billion in sustainable finance by 2030. This collaboration between Standard Chartered Bank and DCM Shriram reflects a shared vision for a sustainable future.

DCM Shriram’s Strategic Move into Bio-Energy

DCM Shriram’s venture into the bio-energy sector signifies a strategic expansion beyond its well-established traditional sectors. The company’s investment in the CBG plant signifies its willingness to adapt and embrace sustainable practices, ensuring long-term growth alongside environmental responsibility. This move aligns with the growing demand for clean energy solutions in India and positions DCM Shriram as a future leader in the bio-energy domain.

A Collaborative Effort for a Sustainable Future

This collaboration between DCM Shriram and Standard Chartered Bank signifies a significant development for India’s clean energy sector. By promoting waste reduction, clean energy production, and sustainable business practices, this project paves the way for a more environmentally conscious future. The project holds the potential to serve as a model for other companies seeking to integrate sustainability into their operations and contribute to India’s clean energy goals.

Recent Blog : HDFC Bank Arm HDB Financial: Japan’s MUFG Eyes 20% Stake