Team News Riveting
Mumbai, August 26
UltraTech Cement Limited (“UltraTech”) has today announced that it has successfully raised US$500 million through a sustainability-linked loan with participation from six banks.
The transaction marks the second sustainability-linked financing raised by UltraTech, subsequent
to its inaugural sustainability-linked bond issuance in 2021. This financing signifies UltraTech’s ongoing commitment to align its funding strategy with its sustainability and ESG goals.
This financing is aligned with UltraTech’s recently published Sustainability-Linked Financing Framework which covers the Company’s future sustainability-linked bond and loan issuances. UltraTech’s Framework is aligned with the Sustainability-Linked Bond Principles published by the ICMA, the Sustainability-Linked Loan Principles published by the LMA/LSTA/APLMA and has received a Second Party Opinion from S&P Global Ratings.
The Sustainability Performance Targets (SPTs), detailed in the Framework, reflect UltraTech’s core sustainability principles and business objectives. These targets encompass
- Reduction of scope 1 emissions, measured in kgCO 2 per ton of cementitious material
(kgCO 2/t.cem), by 27 per cent by March 31, 2032, from a FY17 baseline. - Increase share of green energy from waste heat recovery system (WHRS), solar and wind
power in its total energy mix to 85 per cent by FY30 and 100 per cent in FY50.
Sumitomo Mitsui Banking Corporation (SMBC) acted as the sole Sustainability Coordinator
for this transaction and served as the sole advisor on UltraTech’s Sustainability-Linked
Financing Framework. Lenders for the transaction include SMBC, SBI, BNP Paribas, DBS,
MUFG and Mizuho
