Grasim Industries Ltd. of the Aditya Birla Group, said it had raised ₹1,250 crore from the International Finance Corporation (IFC), by way of subscription of Sustainability linked Non-Convertible Debentures (NCD). The funds will support the company’s investment in paint manufacturing.
“IFC’s investment will accelerate Grasim’s decarbonisation drive through the increased adoption of renewable energy and water recycling in the paint manufacturing process,” Grasim said in a statement.
H. K. Agarwal, Managing Director, Grasim Industries, said, “We will work collaboratively 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.”
Wendy Werner, India Country Head at IFC, 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.”
