Business News | Dalmia Polypro Secures Commitment for USD 30 Mln Funding from US' DFC for Greenfield Facility in Nashik
Get latest articles and stories on Business at LatestLY. Dalmia Polypro Industries, a sustainability-focused company in India that produces high-quality recycled materials from plastic waste, has received a commitment for an external commercial borrowing (ECB) loan of USD 30 million from the US International Development Finance Corporation (DFC) to help fund a greenfield recycling facility in Nashik in Maharashtra, as per a joint release issued Wednesday.
Mumbai (Maharashtra) [India], October 18 (ANI): Dalmia Polypro Industries, a sustainability-focused company in India that produces high-quality recycled materials from plastic waste, has received a commitment for an external commercial borrowing (ECB) loan of USD 30 million from the US International Development Finance Corporation (DFC) to help fund a greenfield recycling facility in Nashik in Maharashtra, as per a joint release issued Wednesday.
Intellecap, a part of the Aavishkaar Group, acted as the advisor to Dalmia Polypro for this transaction.
"This is part of DFC's strategies to support India's climate change and climate finance...DFC's 30 million Dollar loan will go towards building a new facility in Nashik. That will be able to recycle up to 171,000 tons of plastic waste and so the idea is to help reduce the amount of plastic that will be in the waste system here in India...," said Ajay Rao, DFC's Regional Managing Director, South Asia.
The DFC-supported greenfield recycling facility in Nashik will have a capacity of 171,000 metric tons per year.
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"Our new project in Nashik is quite ambitious and this investment will help us achieve financial closure for that project because currently in India, infrastructure of this size doesn't exist and we have taken the bold step to create a project of this size and magnitude...At full scale, we expect to employ about 300-350 people directly...," Pratik Dalmia, Executive Director, Dalmia Polypro, said.
The US International Development Finance Corporation (DFC) is the US' government's development finance institution. DFC partners with the private sector to finance solutions to the most critical challenges facing the developing world today. (ANI)
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