DCM Shriram gets Rs 100 cr sustainable finance from Standard Chartered Bank

New Delhi: DCM Shriram Ltd on Wednesday said it has secured Rs 100 crore in sustainable finance from the Standard Chartered Bank to fund the upcoming compressed bio-gas plant in Uttar Pradesh.

The compressed biogas plant with 12 tonnes per day capacity at the Ajbapur Sugar Unit will produce compressed bio-gas using 'press mud' as feed stock, a waste generated in the sugar manufacturing process, the company said in a statement. According to its press release on its website, the company said, the Compressed Bio Gas (CBG) project has been installed with a capacity of 12 TPD at Ajbapur unit, with a capex of Rs 131 cr., expected to be commissioned by Q4 FY25. This will add further to the company's green footprint along with value addition to press mud, a by-product of sugar operations

DCM Executive Director and Group CFO Amit Agarwal said this is the company's second sustainable finance transaction in the last six months.

Standard Chartered Bank Executive Director (Sustainable Finance) Shobana Chawla said sustainable financing continues to be one of the strategic priorities at the bank. "We have been assisting our clients transition to net zero, and at a group level have committed to mobilise $300 billion in sustainable finance by 2030. This facility to DCM Shriram is one such initiative," she added.

DCM Shriram is in the diversified business of Chlor-vinyl, power, cement, sugar, fertiliser among others.