Grasim Industries Ltd, a part of the Aditya Birla Group, has secured an investment of ₹1,250 crore from International Finance Corporation (IFC), the private sector arm of the World Bank Group, by way of subscription to non-convertible debentures (NCDs).
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According to the company’s stock exchange filing, the sustainability-linked NCDs will support the company’s investment in paint manufacturing and accelerate its decarbonisation drive through the increased adoption of renewable energy and water recycling in the paint manufacturing process.
H K Agarwal, Managing Director, Grasim Industries Limited, 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.”
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.”
Aditya Birla Group Chairman Kumar Mangalam Birla recently announced the launch of products and services under the new paints brand, Birla Opus, aiming for ₹10,000 crore gross revenue in three years of full-scale operations.
Grasim Industries stock declined 0.87 per cent to trade at ₹2,183.85 on the NSE as of 1.22 pm.