Grasim raises ₹1,250 crore from IFC through sustainability-linked NCDs
₹1,250 crore from International Finance Corporation (IFC), the private-sector arm of the World Bank Group, by issuing sustainability-linked non-convertible debentures (NCD). It said the funds would be used to support decarbonisation through its new paint-manufacturing business.
"We will work with IFC to further enhance our sustainability footprints. We are addressing the transition to a low-carbon economy through our renewable projects and energy-efficient products, and are looking forward to further aligning our activities to the global sustainable development goals," said H K Agarwal, managing director, Grasim Industries Ltd.
The investment will help accelerate the adoption of renewable energy and water recycling throughout the paint manufacturing process, helping augment the company’s decarbonisation drive, he added. All six manufacturing plants will be fully sustainable, with zero liquid discharge, and equipped with fourth-generation manufacturing technology to manage supply-chain processes at lightning speed, with zero defects and end-to-end traceability, the company said.
“IFC’s financing will contribute to Grasim’s sustainable growth into the paints business and will encourage other manufacturing companies to follow by successfully adopting energy-efficient and water-saving technologies and practices. This partnership builds on our nearly three-decade-old partnership with Aditya Birla Group," said Wendy Werner, country head for India at IFC.
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