Debt

Debt financing

Smartchem Technologies raises $30-M from ADB for farm efficiency initiative

Economic Times  

Pune-headquartered Smartchem Technologies Ltd (STL), a wholly-owned subsidiary of Deepak Fertilisers and Petrochemicals Corporation (DFPCL), is raising a USD 30 million loan from Asian Development Bank (ADB) for its farm efficiency initiative. The loan will be for a tenure of 5 years. This is ADB's first agribusiness "Blue Loan", and the first such blue loan in India in this sector across institutions. The loan will be used to finance capital expenditure as well as research and development of enhanced-efficiency speciality fertilisers. ADB has also approved a technical assistance grant of USD 5,00,000 for building capacity for soil nutrition management among small farmers in India. The grant is in addition to the USD 30 million Blue Loan.