DBS and PT. Indo-Rama Synthetics Tbk, a publicly traded integrated spun yarns and polyester producer, as well as a subsidiary of Indorama Corporation Singapore (Indorama), issued a $10m credit facility to support Indorama’s sustainability initiatives.
DBS Indonesia will be used to distribute the facility. The money raised will be utilised to build the necessary infrastructure to link the manufacturing complex of Indorama, which is situated in Purwakarta, West Jawa, to the national grid.
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This would help ease the country’s move away from coal-fired power generation.
Additionally, the project will involve facility renovations that will lessen Indorama’s carbon impact and increase the factory complex’s energy efficiency.
Along with monitoring project schedules, Indorama will also track and submit an annual report to DBS on its greenhouse gas emissions.
V S Baldwa, managing director and group chief financial officer of Indorama, said: “Indorama has made significant commitments towards creating a sustainable future and this project is an important step towards reducing our Group’s carbon emissions in line with our sustainability improvement plans. This financing further reinforces our long-standing relationship with DBS in leveraging their sustainability leadership for this milestone project.”
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By GlobalDataAdrian Chai, managing director and group head of global industries, institutional banking group, DBS, added: “As Southeast Asia’s largest bank, DBS is committed to supporting the region’s energy transition. One of the key ways to achieve this is through close partnership with the private sector, including like-minded companies such as Indorama, to improve resource efficiency and decarbonise industrial operations.”
Furthermore, earlier last month, DBS and JPMorgan Asset Management (JPMAM) launched Asia’s first global investment portfolio that not only automatically sets its asset allocation to an individual’s lifespan and retirement timeline (also known as a “glidepath”), but also enables investors to manage their drawdowns based on their retirement income needs.
It was launched as part of the bank’s comprehensive retirement proposal to assist all Singaporeans in planning and retiring comfortably, is based on the idea that investors should concentrate on risk that is acceptable for their life stage (designated as Early Career, Mid-life, and Retirement).
