The deal not only strengthens economic ties between India and Japan but also marks a crucial step in advancing sustainable development, PFC said in a statement on Friday (August 28).
The financing, under JBIC’s Global Action for Reconciling Economic Growth and Environmental Preservation (GREEN) initiative, is supported through co-financing from Sumitomo Mitsui Banking Corporation and other Japanese banks.
The loan agreement was signed in Tokyo on Friday by PFC CMD Parminder Chopra and JBIC Governor Nobumitsu
In addition, a side agreement was executed with Sumitomo Mitsui Banking Corporation in the presence of Rajiv Kannan, Managing Executive Director, Head of India Division, SMBC.
The company said a part of the loan will primarily support the establishment of Assam Bio Ethanol Pvt Ltd’s pioneering second-generation bio-ethanol and chemicals plant in Assam.
The project, which utilises bamboo as feedstock, is a significant stride toward cleaner energy and self-reliance.
Power Finance Corporation
It operates under the administrative control of the Ministry of Power and serves as the principal financial institution for India’s power sector.
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