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ICICI Bank will extend a Rs 22-crore soft loan to TERI to promote research on energy efficiency and capacity building in large and small enterprises.
The soft loan agreement was signed between Ms Chanda Kochhar, ICICI Managing Director and CEO, and Dr R.K. Pachauri, Director-General TERI on Wednesday.
TERI will utilise the loan to invest in R&D of clean technologies, nano-bio technology and sustainable development.
Dr Pachauri said the soft loan 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 other natural resources such as water and minerals.
Ms Kochhar said innovation and investment in new technology is critical to sustain the competitiveness of Indian business.
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