UltraTech Cement has secured a $500 million SLL or sustainability-linked loan with six banks.
The SLL will support UltraTech’s sustainability and ESG goals, aiming to achieve carbon-neutral concrete by 2050.
UltraTech aims to reduce emissions and increase green energy use, aiming for 85% from waste heat recovery systems, solar, and wind power by FY30 and 100% by FY50.
The lenders for this transaction include SMBC, SBI, BNP Paribas, DBS, MUFG, and Mizuho. Sumitomo Mitsui Banking Corporation (SMBC) served as the sole sustainability coordinator and advisor for UltraTech’s Sustainability-Linked Financing Framework.
This marks the cement company’s second sustainability-linked financing since a $400 million bond issuance in 2021.
The company also acquired a 26% stake in O2 Renewable Energy to reduce energy costs.