Grasim Industries raises ₹1,250 crore via sustainability-linked NCDs from International Finance Corp

Grasim Industries Ltd announced on Tuesday that it has raised a sum of ₹1,250 crore through sustainability-linked non-convertible debentures (NCDs) from the International Finance Corporation (IFC).

Grasim Industries said in a press release, dated March 19, that it has raised its first sustainability-linked NCD of ₹1,250 crore from the private sector arm of the World Bank Group – International Finance Corporation (IFC).

The NCDs are to be issued by the company, and will provide support to Grasim Industries’ investment in the paints manufacturing.

Through this investment made by IFC, the flagship company of the Aditya Birla Group will be able to accelerate its decarbonisation drive by increasing the adoption of renewable energy and water recycling in the paints manufacturing process.

This partnership between Grasim and IFC builds on the global organisation’s nearly 30 year old partnership with Aditya Birla Group, according to Wendy Werner, the India Country Head of IFC.

The Chairman of Aditya Birla Group, Kumar Mangalam Birla, recently announced the launch of the company’s new decorative paints brand ‘Birla Opus’, which aims at a gross revenue of ₹10,000 crore within a period of 3 years of full-scale operations.

All six manufacturing plants will be fully sustainable with zero liquid discharge, while being equipped with fourth generation manufacturing technology in order to manage supply chain processes at lightning speed, zero defects and end-to-end traceability.

Shares of Grasim Industries closed 1.4% lower at ₹2171.3 apiece in NSE.