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Saving Planet Earth
ICICI Bank has played a significant role in early efforts at popularising and mainstreaming eco-friendly technologies in the country. Some of these are described below:
Clean coal technologies:
ICICI Bank assisted the first coal washery in the country, ST-BSES Coal Washeries Ltd., located at Bilaspur in Chattisgarh. This was a demonstration project for providing a solution to Indian coal, which has a high ash content and is extremely polluting, via the process of deep beneficiation of coal. ICICI Bank also assisted Essar Oil Co., the first company to demonstrate the concept of coal bed methane in India at Mehsana in Gujarat.
Electric vehicles:
Reva Electric Car Company Pvt. Ltd (RECCPL) was assisted in its attempt to design the first electric vehicle (EV) prototype and commercialise the manufacture of electric vehicles in India. The passenger electric car was designed and manufactured in technical collaboration with a company based in the US and is currently being exported to UK and several other countries.
Natural gas fired cupolas:
Agra Iron Founders Association (AIFA) was assisted for its project to facilitate introduction of the smokeless cupola based on natural gas in Agra. The clean technology has been licensed to the Agra foundries from M/s Cokeless Cupola Ltd., UK. Apart from reducing pollution in the Taj Trapezium Zone, the project also seeks to revive the Agra foundry industry. This thriving industry was closed following a Supreme Court order asking foundries to switch from the highly polluting coke to natural gas.