Grasim Industries announced an investment from the International Finance Corporation (IFC), the private sector arm of the World Bank Group, for Rs 1250 crore (equivalent to approximately $150 million) by way of subscription to Non-Convertible Debentures (NCD) to be issued by the Company.
The Sustainability-Linked NCDs will support the Company's investment in paint manufacturing.
IFC's investment will accelerate Grasim's decarbonization drive through the increased adoption of renewable energy and water recycling in the paint manufacturing process.
Recently, Aditya Birla Group Chairman, Kumar Mangalam Birla, announced the launch of products and services under its new decorative paints brand, “Birla Opus”, aiming for Rs.10,000 crore gross revenue within 3 years of full-scale operations. All six manufacturing plants will be fully sustainable with zero liquid discharge and equipped with 4th generation manufacturing technology to manage supply chain processes at lightning speed, zero defects and end-to-end traceability. |