Environmental Clean Technologies Limited (ASX: ESI) (ECT or Company) is pleased to announce it has entered a partnership with YES BANK of India to drive development opportunities in this key market.
- YES BANK is the 4th largest private sector bank in India, providing a strong partner to ECT in that market
- The partnership will focus on the developing a capable manufacturing network able to deliver quality product via a reliable supply chain
ECT has put in place a support and advisory agreement with YES BANK to assist in delivering on the company’s India strategy.
Based on our research, India provides an opportunity for manufacture of Coldry plant modules as well as the development of commercial scale Coldry processing projects for major Indian government and industrial corporations.
ECT’s Managing Director Ashley Moore, and Mr. Aditya Sanghi, YES BANK’s Senior Managing Director, Investment Banking, signed the agreement on Friday 22 November in Mumbai, India.
ECT has engaged YES BANK’s Sustainable Investment Banking Group along with existing advisory partner Greenard Willing, to set in place the initial structures and partners for implementation of ECT’s India manufacturing strategy. That strategy is targeted at delivering a lower capital cost base for Coldry plant and equipment through India’s highly skilled, top quality cost-competitive manufacturing base. The YES BANK-Greenard Willing team will carefully evaluate and select the most qualified and competent Indian suppliers for fabrication and delivery of Coldry plant and equipment to projects in India and globally.?YES BANK and Greenard Willing have a unique knowledge based approach which is reflected in their many trusted relationships and strong understanding of the energy generation and coal industry in India. They recognise the opportunity for Coldry to help meet the massive energy needs of India with improved environmental benefits.
Speaking on the agreement, Mr. Sanghi stated “YES BANK is pleased to enter into a partnership with an innovative clean technology company. ECT’s Coldry technology offers a sustainable and long-term solution to meet the growing energy demands of the nation while mitigating the daunting issues of climate change. YES BANK is committed to support the India strategy of ECT through its sector expertise and deep rooted relationships”.
ECT’s Managing Director Ashley Moore added “This agreement wraps up a productive week in India, having met with promising future prospects for our technologies. We expect to conclude this initial stage of activities with YES BANK and Greenard Willing over the next quarter, and deliver a qualified and capable selection of future Coldry plant and equipment suppliers, able to deliver globally, at the most competitive cost. This will enhance our ability to promote Coldry projects, and deliver on shareholder expectations of value from Coldry’s roll out.”
About YES BANK
YES BANK, India’s fourth largest private sector Bank, is the outcome of the professional & entrepreneurial commitment of its Founder Rana Kapoor and his top management team, to establish a high quality, customer centric, service driven, private Indian Bank catering to the Future Businesses of India.
YES BANK has adopted international best practices, the highest standards of service quality and operational excellence, and offers comprehensive banking and financial solutions to all its valued customers. YES BANK has a knowledge driven approach to banking, and a superior customer experience for its retail, corporate and emerging corporate banking clients. YES BANK is steadily evolving as the Professionals’ Bank of India with the vision of “Building the Best Quality Bank of the World in India”.
About Greenard Willing
Greenard Willing is a boutique financial and corporate advisory services company covering both listed and unlisted companies that have modest capitalisation values. Greenard Wiling has a specialist Australia-India business practice led by Jeffrey Castellas, an internationally recognised expert in clean technologies. Greenard Willing provides a range of corporate advisory services for the energy, agriculture, mining and environmental industries. Our professional team is committed to the highest standards of work and performance for our clients in accordance Australian Financial Services Licence 403562.
For further information contact: Ashley Moore – Managing Director +61 3 9909 7684 or [email protected]