The FINANCIAL — Tata Capital announces its foray into the area of climate change with the formation of Tata Cleantech Capital, in association with International Finance Corporation, a member of World Bank Group.
TCCL proposes to provide financing and advisory services to small and medium enterprises and large corporates in India that are engaged in climate change initiatives. IFC will invest up to 19.5 per cent stake in the equity capital of TCCL, with the rest of the capital being initially contributed by Tata Capital. The carrying on of financing activity by TCCL would be subject to it receiving NBFC registration from the RBI.
Initially, TCCL will focus on the following key areas: energy efficiency for SMEs, renewable energy generation projects and water management projects. Over a period of time, TCCL will be open to looking at other areas such as sustainable agriculture projects, smart grid projects, clean transportation and pollution control.
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