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UltraTech Cement on Monday stated it has efficiently raised $500 million by a sustainability-linked mortgage with participation from six banks.
The corporate added that the transaction marks the second sustainability-linked financing raised by UltraTech, following its inaugural sustainability-linked bond issuance in 2021.
“This financing signifies UltraTech’s ongoing dedication to align its funding technique with its sustainability and environmental, social, and governance (ESG) targets,” the press word stated.
Sumitomo Mitsui Banking Company (SMBC) acted as the only real sustainability coordinator for this transaction and served as the only real advisor on UltraTech’s Sustainability-Linked Financing Framework. Lenders for the transaction embrace SMBC, SBI, BNP Paribas, DBS, MUFG, and Mizuho.
The Sustainability Efficiency Targets (SPTs) embrace the discount of Scope 1 emissions, measured in kgCO2 per tonne of cementitious materials (kgCO2/t.cem), by 27 per cent by March 31, 2032, from an FY17 baseline. Additional, it entails growing the share of inexperienced power from waste warmth restoration programs (WHRS), photo voltaic, and wind energy in its complete power combine to 85 per cent by FY30 and 100 per cent by FY50.
First Printed: Aug 26 2024 | 7:06 PM IST
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