Jakarta (ANTARA News) - Indonesia`s chemical manufacturing company PT Budi Acid Jaya has secured a US$3.5 million loan from Japan`s Nedo Fund and Sumitomo Mitsui Banking Corporation, a spokesperson said here Friday.
The fund will be used for development of a biogas-fueled power plant, PT Budi Acid Jaya President Director Santoso Winata told the Jakarta Stock Exchange.
The loan carries an interest rate of 2 percent, higher than that of Sumitomo Mitsui Banking, he said.
The loan with a period of grace until 2012 will be repaid after the power plant has been fully operational, he said.
Budi Acid Jaya`s core businesses are manufacturing and selling tapioca starch, citric acid and other chemicals, monosodium glutamate, plastic bags, glucose and modified tapioca starch.
The tapioca starch is marketed under the Red Mountain and Green Mountain brand names. The group`s factories are located in Subang, Lampung and Jambi with their products sold at home and abroad.
The business group was set up on January 15, 1979 under the name of PT North Aspac Chemical Industrial Company.
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