IDBI enters into MoU with Mitcon for carbon credit services

Mumbai, Oct 16 (UNI) Industrial Development Bank of India (IDBI) today entered into a non-exclusive Memorandum of Undertanding (MoU) with Mitcon Consultancy Services (MITCON) for providing one-stop solutions to companies for undertaking Clean Development Mechanism (CDM) project under the Kyoto Protocol.

Mumbai-headquartered IDBI and Pune-headquartered MITCON will also assist companies to sell the resultant carbon emission reduction (CER) units in global markets.

The MoU was signed by IDBI chief general manager B K Batra and MITCON managing director Dr Pradeep Bavadekar at IDBI's Corporate office here.

Speaking on the occasion, IDBI chairman and managing director V P Shetty said, ''We want to assist Indian companies, both large and small, who are keen on implementing CDM and selling the resultant CERs generated forward in the global markets. While sale of CERs gives companies additional revenue, IDBI stands to gain by way of additional fee income.'' UNI AR MAZ SKB1936