Grasim Industries, the flagship company of the Aditya Birla Group, has announced the successful raising of ₹1,250 crore from the International Finance Corporation (IFC), the private-sector arm of the World Bank Group, through the issuance of sustainability-linked non-convertible debentures (NCD). The proceeds from this initiative will be directed towards supporting decarbonization efforts within its new paint-manufacturing business.
Birla Opus, the group’s decorative paints business, was recently inaugurated by chairman Kumar Mangalam Birla. According to him, the brand’s ambition is to achieve ₹10,000 crore in revenue within the first three years.
“We will work 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. We are looking forward to further aligning our activities to the global sustainable development goals,” said H K Agarwal, managing director of Grasim Industries Ltd. He said this investment will play a crucial role in accelerating the adoption of renewable energy and water recycling in the paint manufacturing process, thereby augmenting the company’s decarbonization drive.
Grasim Industries revealed that all six manufacturing plants will achieve full sustainability, boasting zero liquid discharge and being equipped with fourth-generation manufacturing technology. This technology will ensure efficient supply-chain processes with zero defects and end-to-end traceability.
Wendy Werner, country head for India at IFC, expressed confidence that IFC’s financing would contribute to Grasim’s sustainable growth in the paints business. This aims to encourage other manufacturing companies to adopt energy-efficient and water-saving technologies and practices. “This partnership builds on our nearly three-decade-old partnership with Aditya Birla Group,” Werner said.
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