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DBS Bank extends transition loan of Rs175 crore to Shree Renuka Sugars

By Livemint
According to Niraj Mittal, managing director, and country head of institutional banking group, DBS Bank India, transitioning to bioethanol and other biofuels are expected to play a valuable role in the transition of the power and energy sector towards net zero. Bloomberg 

The proceeds, it said, will be used to finance the expansion of SRSL’s sustainable bioethanol business in India. This is believed to be the first transition loan to be provided by a foreign bank to India’s biofuel manufacturing industry.

According to Platts Analytics, India’s fuel ethanol consumption is estimated to reach nearly 3 billion litres in 2022 and 3.2 billion litres in 2023. This would be an increase from an estimated 2.7 billion litres in 2021, equating to an ethanol blending rate of roughly 6.1%, which translates to displacing 30,973 barrels per day of fossil fuels.

Sunil Ranka, chief financial officer, SRSL, said that bioethanol production is not new to India, but it holds the key for the transition of the energy sector’s reliance on fossil fuels, to more sustainable biofuels which have a lower carbon footprint. 

“To provide some perspective, India has an ethanol production capacity of about 849 crore litres today. For India’s targeted 20% blending of ethanol in petrol by 2025, the market will need 1,700-crore litre capacity (80% plant efficiency), and this is where we hope to contribute to the growth of the global biofuel industry by ramping up our bioethanol production capacity to contribute to achieving this ambitious but meaningful target," said Ranka.

According to Niraj Mittal, managing director, and country head of institutional banking group, DBS Bank India, transitioning to bioethanol and other biofuels are expected to play a valuable role in the transition of the power and energy sector towards net zero. 

“These alternative fuel mixes offer the land and marine transport industry a realizable path to achieving decarbonisation, while reducing their dependence on fossil fuels," said Mittal. 

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Dive Deeper:
Major OMCs, PSBs join hands for upcoming dedicated ethanol plants in India. Details here
India clocked 9.90% ethanol blending, consuming 186 crore litre of ethanol, and saved over ₹9,000 crore of foreign exchange in…
Petrol to escape Rs 2 green tax from October on 10% ethanol blending
NEW DELHI: India has achieved nearly 10% ethanol blending of petrol months ahead of the target, a move that will…
Australia could rapidly shift to clean transport – if we had a strategy. So we put this plan together
Australia has no clear strategy to decarbonise transport. That’s a problem, because without a plan, our take-up of clean technologies…
EV@30: How adequate finances, infrastructure can provide fillip to India's EV dreams
NEW DELHI: The next few years are going to be crucial for India’s transition to electric vehicles, with the Centre…
One subscription that gives you access to news from hundreds of sites
Renewable energy projects worth $197 billion underway in India
A total of 493 projects are underway including 464 government-aided projects, according to government data.
Revealed: the ‘carbon bombs’ set to trigger catastrophic climate breakdown
Exclusive: Oil and gas majors are planning scores of vast projects that threaten to shatter the 1.5C climate goal. If…
Get all your news in one place