Hanjer Biotech Energies, a waste recycling and resource recovery company, has received $40 million (about Rs 224 crore) from two European companies. The loan has been underwritten by Yes Bank.

The German investment and development company Deutsche Investitions- und Entwicklungsgesellschaft mbH (DEG) and Proparco, the subsidiary of the French Development Agency, have extended the loan for 8.5 years.

The fund will be utilised to set up multiple municipal solid waste processing plants of 5,000 tonnes per day (tpd), Hanjer said in a press release on Monday.

Currently, Hanjer has 24 operating facilities with a capacity of 9,100 tpd in 19 cities. The company has 2,200 tpd under implementation and another 3,000 tpd at the bidding stage, it said.