Grasim Industries Limited, a flagship company of the Aditya Birla Group, announced an investment from the International Finance Corporation (IFC), the private sector arm of the World Bank Group, for ₹1,250 crore 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, the group announced the launch of products and services under its new decorative paints brand, ‘Birla Opus’, aiming for ₹10,000 crore gross revenue within three years of full-scale operations.
As per the press release, 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.
H K Agarwal, Managing Director, Grasim Industries Limited said, “We welcome the investment from the International Finance Corporation (IFC), recognizing our sustainability initiatives. 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, and are looking forward to further aligning our activities to the global Sustainable Development Goals”.
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. This partnership builds on our nearly three-decade old partnership with Aditya Birla Group and IFC is proud to support Grasim’s expansion in a climate friendly way”.
