IFC purchases Rs 1,250 crore worth sustainability-linked Grasim NCDs

Grasim Industries on Tuesday said the International Finance Corporation (IFC) has subscribed to its first sustainability-linked non-convertible debentures (NCDs) worth Rs 1,250 crore.

The NCDs will support the company's investment in paint manufacturing, and help accelerate its decarbonisation drive through increased adoption of renewable energy and water recycling in the paint manufacturing process, the AB Birla group company said in a statement.

The IFC has subscribed to the first sustainability-linked NCDs worth Rs 1,250 crore issued by Grasim Industries, as per a statement.

Recently, the Aditya Birla group entered the decorative paints segment with Birla Opus, and had set a target of becoming a Rs 10,000-crore company within three years of full-scale operations.

Grasim will work collaboratively with the IFC to "further enhance our sustainability footprints as it transitions to a low-carbon economy through renewable projects and energy-efficient products", thus aligning its activities to the global sustainable development goals, Grasim Managing Director H K Agarwal said.

This partnership builds on our nearly three-decade partnership with the Aditya Birla Group, IFC India Country Head Wendy Werner said.