Deepak Fertilisers and Petrochemicals Corporation, backed by a $60 million investment package from the International Finance Corporation (IFC), will invest up to $160 million in capital expenditure.
Besides helping the company to increase the production and distribution of specialty fertilisers in India, the project will also allow Deepak to increase its IPA production capacity in India by 100,000 million tonnes per annum (MTPA).
According to a Business Standard report, through a mix of quasi-equity instruments, IFC will assist Deepak Fertilisers on a greenhouse gas (GHG) reduction plan and the establishment of N2O catalyst conversion devices and the formulation and implementaton of an environmental and social action plan (ESAP).
“The project is expected to help climate change mitigation efforts by a net reduction of GHG emissions. This will be achieved by installing N2O catalyst conversion devices at all Nitric Acid manufacturing processes at Taloja. IFC’s engagement will likely contribute to increase competitiveness in the fertiliser sector as the company works on innovation,” it said.
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