JSW Cement has signed a Sustainability Linked Loan (SLL) agreement with BNP Paribas Singapore for INR4140m (US$50m). According to BusinessLine, the cement producer has raised a total of INR8000m in SLL-based funding in two tranches, the first being through MUFG Bank in October last year. The funding is being used to expand capacity in line with JSW's plans to boost production capacity to 50Mta in India.
Parth Jindal, managing director of JSW Cement, said that the company has grown production capacity four times in the last eight years, while reducing carbon emission intensity by half. The capacity building plans will ensure the availability of high-quality green cement and building material products to loyal consumers across the country, he added.
According to Sanjay Singh, CEO and head of territory, BNP Paribas India, partnering with clients in their transition toward a more sustainable economy and the acceleration of green transition of 'hard to abate' sectors will be key to India meeting its net zero target. By recognising the importance of green capital as part of its business strategy to reduce carbon footprint, JSW Cement is pursuing the goal of creating a sustainable future for India through its green cement portfolio.
