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JSW Cement gets Rs 4 bn sustainability-linked loan from MUFG Bank
JSW Cement has raised Rs 4 billion from MUFG Bank India as its first sustainability-linked loan. The Sajjan Jindal-led company plans to deploy the funds as capital expenditure to achieve its annual capacity target of 25 million tonne by FY25, it said in a statement.
This is also MUFG Bank India's first transaction, undertaken out of its new IFSC unit branch launched in August 2022 in Gujarat’s Gift City. MUFG is currently Japan’s largest bank.
Parth Jindal, Managing Director of JSW Cement, said the funding will enable the company to meet its goal of 25 million tonne per annum capacity by FY25 and also forms part of its environmental, social, and governance (ESG) objectives.
JSW Cement has installed capacity of 17 million tonne across its units at Vijayanagar in Karnataka, Nandyal in Andhra Pradesh, Salboni in West Bengal, Jajpur in Odisha and Dolvi in Maharashtra.
Its subsidiary Shiva Cement is investing Rs 1,500 crore in a 1.36 million tonne clinker unit along with a 1 million tonne grinding unit in Sundergarh district of Odisha.
The Mitsubishi UFJ Financial Group is one of the world's leading financial groups headquartered in Tokyo with over 360 years of history.
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