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Business deals

Dutch bank to lend India's Ess Kay $40m to spread natural-gas cars

FMO funding will help convert gasoline and diesel vehicles

A gas station attendant stands next to a car as he fills it with compressed natural gas in New Delhi.   © Reuters

CEBU, Philippines -- Dutch development bank FMO has proposed extending a $40-million loan to Jaipur, India-based nonbanking finance company Esskay Fincorp (Ess Kay), according to a disclosure.

The proceeds of the loan will be used by Ess Kay to buy and convert gasoline or diesel cars into compressed natural gas vehicles, FMO said in its investment proposal.

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