DBS partners PT. Indo-Rama Synthetics Tbk to advance its sustainability agenda

Singapore.12 Apr 2024

Credit facility will be used to develop infrastructure to connect factory complex to the national grid to transition from captive coal-fired power plants

Singapore, 12 Apr 2024 - DBS and PT. Indo-Rama Synthetics Tbk, a publicly-listed integrated spun yarns and polyester producer and a subsidiary of Indorama Corporation Pte. Ltd., Singapore (Indorama), today announced a USD 10 million credit facility to help advance Indorama’s sustainability agenda.

The facility will be disbursed via DBS Indonesia. Proceeds will be used to finance the development of infrastructure to connect Indorama’s manufacturing complex located in Purwakarta, West Jawa, to the national grid and in turn facilitate the transition away from captive coal generated power. The project will also include facility upgrades which will help to improve the energy efficiency of the factory complex and contribute towards reducing Indorama’s carbon footprint.

Indorama will track project timelines, as well as measure and report its greenhouse gas emissions annually to DBS.

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.”

Adrian Chai, Managing Director and Group Head of Global Industries, Institutional Banking Group, DBS, said: “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.”


About DBS
DBS is a leading financial services group in Asia with a presence in 19 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.

Recognised for its global leadership, DBS has been named “World’s Best Bank” by Global Finance, “World’s Best Bank” by Euromoney and “Global Bank of the Year” by The Banker. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney and the world’s “Most Innovative in Digital Banking” by The Banker. In addition, DBS has been accorded the “Safest Bank in Asia“ award by Global Finance for 15 consecutive years from 2009 to 2023.

DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets.

DBS is committed to building lasting relationships with customers, as it banks the Asian way. Through the DBS Foundation, the bank creates impact beyond banking by supporting businesses for impact: enterprises with a double bottom-line of profit and social and/or environmental impact. DBS Foundation also gives back to society in various ways, including equipping underserved communities with future-ready skills and helping them to build food resilience.

With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. For more information, please visit www.dbs.com.

About Indorama Corporation
Indorama Corporation, Singapore is one of Asia’s leading chemical holding companies engaged in providing essential materials for better lives. Its subsidiaries manufacture nitrogen fertilizers, phosphate fertilizers, polyethylene, polypropylene, polyester, textiles, cotton fibre, and medical gloves across 38 manufacturing sites in 8 countries, It is largest producer of urea fertilizers in Sub-Saharan Africa and polyolefins in West Africa; third largest producer of synthetic disposable gloves in the world, in addition to being an integrated producer of cotton fiber and synthetic spun yarns (www.indorama.com).

Its associate, Industries Chimiques Du Senegal is the largest integrated phosphate fertilizer producer in Sub-Saharan Africa (www.ics.sn).
Its associate, Indorama Ventures Public Company Limited, is the world’s largest producer of PET Resin, a large producer of polyester feedstock, integrated oxides and chemicals (www.indoramaventures.com).
Indorama Corporation and its associates employ over 51,000 people worldwide.