Grasim secures ₹1,250 Crore in funding from IFC

19 Mar 2024 , 05:10 PM

Grasim Industries, a division of the Aditya Birla Group, said on March 19 that it had subscribed for Non-Convertible Debentures (NCDs) of ₹1,250 Crore from International Finance Corporation (IFC), the World Bank Group’s private sector arm.

According to Grasim’s exchange filing, the company’s investment in the paints sector will be supported by sustainability-linked finance. The company debuted Birla Opus, a paint line with over 145 items, last month.

Grasim wants to overthrow Asian Paints, its larger rival, and secure the second spot in the decorative paint industry.

Through increasing use of renewable energy and water recycling in the paint manufacturing process, Grasim’s decarbonisation push would be accelerated by IFC’s investment, the business stated.

Together with IFC, we’ll collaborate to improve our sustainability footprints even more. With our energy-efficient goods and renewable initiatives, we are tackling the shift to a low-carbon economy,” Grasim Industries Limited Managing Director H K Agarwal stated.

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