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Grasim Industries, an Aditya Birla Group company, has raised ₹1,250 crore from the International Finance Corporation, the private sector arm of the World Bank Group. IFC will subscribe to Grasim’s Sustainability-Linked Non-Convertible Debentures, which will investment green energy projects in paint manufacturing business.
IFC’s investment will accelerate Grasim’s decarbonisation drive by increasing the adoption of renewable energy and water recycling in the paint manufacturing process.
Kumar Mangalam Birla, Chairman of Aditya Birla Group, has set a target for generating a revenue of ₹10,000 crore in 3 years of full-scale operations of Birla Opus, the decorative paint business.
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, zero defects, and end-to-end traceability.
HK Agarwal, Managing Director of Grasim Industries, said the company will address the transition to a low-carbon economy through renewable projects and energy-efficient products and is looking forward to further aligning activities with the global Sustainable Development Goals.
Wendy Werner, IFC’s India Country Head, said the investment will encourage other manufacturing companies to adopt energy-efficient and water-saving technologies and practices.
This partnership builds on a nearly three-decade-old partnership with Aditya Birla Group, he added.
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