BWI: ICICI Bank Identifies TERI to Propagate Research on Energy Efficiency and Capacity Building in Large and Small Enterprises

Press release from Business Wire India
Source: The Energy and Resources Institute (TERI)
Wednesday, April 20, 2011 05:00 PM IST (11:30 AM GMT)
Editors: General: Consumer interest, Environment, People; Business: Advertising, PR & marketing, Banking & financial services, Business services, Energy companies, Information technology, Retailers
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ICICI Bank Identifies TERI to Propagate Research on Energy Efficiency and Capacity Building in Large and Small Enterprises
ICICI Bank, the nodal bank chosen by World Bank to disburse a loan of Rs. 22 Cr

New Delhi, Delhi, India, Wednesday, April 20, 2011 -- (Business Wire India) -- The Energy and Resources Institute and ICICI Bank Ltd signed a 'Soft loan agreement' today to promote research and development in specific areas, such as nano-biotechnology, energy efficient technology, micro enterprise systems and other vital areas of sustainable development. The agreement was signed between Dr. R. K Pachauri, Director-General, TERI and Ms. Chanda Kochhar, Managing Director and CEO, ICICI Bank at a select gathering held at TERI.

The financial assistance amounting to Rs. 22 crore from ICICI Bank under its 'Technology Institutions Programme' of World Bank will strengthen TERI's activities working on the entire spectrum of sustainable development. TERI plans to utilize this loan to focus on energy efficient improvements in the Indian industry covering both large and small enterprises, assist the small sector in implementing energy saving measures, and invest in the research & development on cleaner technologies.

In his address Dr. RK Pachauri said, "The imperatives for efficient and sustainable use of natural resources require technological development and innovation on an unprecedented scale. TERI has been in the forefront of development of green technologies which promote sustainable solutions. This soft loan being provided by ICICI Bank would enable TERI to invest in new infrastructure and research facilities that would help accelerate technological development involving sustainable solutions for the energy sector and for other vital natural resources such as water and mineral resources."

Addressing the gathering Ms. Chanda Kochhar said, "Innovation and investment in new technology that is capable of scale-up and wide commercial deployment is critical to sustain the competitiveness of Indian businesses, and to create a sustainable paradigm that balances growth imperatives with the objectives of combating climate change and protecting the environment. This can happen only through the combined efforts of the Government, technology institutions and business organizations. At ICICI Bank, we see ourselves as a vital link in the industry-institution networking process, and our relationship with TERI is a major step in this context."

A market leader in Energy Audits, this support will provide impetus to the existing activities at TERI, especially in the areas of energy efficiency improvements, improved operating & training practices, reduction of GHG emissions and new product development. In this context, the loan holds immense value to TERI.

About ICICI Bank:

ICICI Bank Limited (NYSE:IBN) is India's largest private sector bank and the second largest bank in the country, with consolidated total assets of over $115 billion at December 31, 2010. ICICI Bank's subsidiaries include India's leading private sector insurance companies and among its largest securities brokerage firms, mutual funds and private equity firms. ICICI Bank's presence currently spans across 19 countries, including India.

About TERI

The Energy and Resources Institute (TERI) was established in 1974. A dynamic and flexible organization, activities in TERI ranges from microbiology to global climate change, from smoke-filled rural kitchens to plush corporate boardrooms, from schoolchildren to heads of state-no sphere of human endeavour is unfamiliar to TERI. The organization works on formulating local and national level strategies to suggesting global solutions to critical energy and environment-related issues. Headed by world-renowned economist Dr R K Pachauri also head of the Nobel Prize winning UN Climate panel IPCC. TERI is best described as an independent, not-for-profit research institute focused on energy, environment, and sustainable development and devoted to efficient and sustainable use of natural resources. TERI is headquartered in New Delhi, TERI has established regional offices in Mumbai, Bangalore, Goa, Guwahati and Mukhteshwer in the Himalaya's and International centers in Japan, Malaysia, the United Arab Emirates, Washington DC, and London.



CONTACT DETAILS
Rajiv Chhibber, The Energy and Resources Institute (TERI), +91 9810426698, rajivc@teri.res.in
Lalima Bose, The Energy and Resources Institute (TERI), +91 9810161449, lalima.bose@teri.res.in

KEYWORDS
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