Aditya Birla Group's Grasim Industries said on March 19 that the company has secured Rs 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 (NCD).
The sustainability-linked funding will support the company’s investment into the paints business, Grasim said in an exchange filing. Last month, the group launched its paints business, Birla Opus, with over 145 products.
Grasim aims to secure the second position in the decorative paints market that bigger rival Asian Paints currently dominates.
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IFC’s investment will accelerate Grasim’s decarbonization drive through the increased adoption of renewable energy and water recycling in the paint manufacturing process, the company 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," said H K Agarwal, Managing Director, Grasim Industries Limited.
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