HDFC raises $300 mn in debut sustainable bond for EV

13 Feb 2024 CW Team

HDFC Bank has successfully raised $300 million in its inaugural sustainable bond issuance, earmarking the proceeds for the financing of electric vehicles and green loans. The three-year bond, carrying a spread of 95 basis points over the US treasury, is part of a broader initiative to secure $750 million through Regulation S bonds.

The bank specified that the remaining $450 million has been acquired for a five-year term with a spread exceeding 108 basis points over the US Treasury. These bonds are set to be listed on the Indian International Stock Exchange (India NIX) within the GIFT International Financial Services Centre (IFSC).

Arup Rakshit, the group head of treasury at HDFC, emphasised, "The funds raised through the sustainable finance bonds will be prioritised for lending towards electric vehicles, Small and Medium Enterprises, and affordable housing. We are strongly committed to building a green and social portfolio even as we continue adhering to the Bank?s risk philosophy."

HDFC Bank enlisted the support of Barclays, BofA Securities, JP Morgan, MUFG, and Standard Chartered Bank as joint global coordinators and lead managers for this initiative. Notably, the bank asserts that these represent the most competitive credit spreads achieved by an Indian issuer for a three-year sustainable bond and a five-year senior unsecured bond of comparable size within the US dollar Regulation S issuance.

This development follows HDFC's receipt of a $400 million loan from the International Finance Corporation in December 2022, aimed at enhancing climate-smart, affordable, and green housing initiatives in India. Additionally, HDFC subscribed to India's inaugural sovereign green bonds issue during the same year.

In a parallel effort, last August, ICICI Bank extended loans totalling $6.7 billion to support sustainability and renewable energy sectors, encompassing electric vehicles and green-certified real estate, for the fiscal year 2023.

Infrastructure Urban

07 Nov 2025

Welspun Enterprises Wins 910 MLD Panjrapur WTP Contract

Welspun Enterprises (WEL), the infrastructure and energy arm of Welspun World, has secured a major contract from the Brihanmumbai Municipal Corporation (BMC) to design, build and operate a 910 million litres per day (MLD) Water Treatment Plant (WTP) at Panjrapur, Maharashtra.Valued at approximately Rs 31.45 billion, the project encompasses end-to-end civil, mechanical, electrical and instrumentation works, including the construction of a treated water sump and pumping station. Of the total value, nearly Rs 11.56 billion is allocated to Operations & Maintenance (O&M), with an additional..

Mitsubishi Power Wins Boiler Upgrade Contract for O Mon 1 Plant

Mitsubishi Power, a power solutions brand of Mitsubishi Heavy Industries, (MHI), has been awarded a contract to support the oil-to-natural-gas fuel conversion at the O Mon 1 Thermal Power Plant in Can Tho, southern Vietnam. As the OEM of the plant’s existing boiler, Mitsubishi Power will supply key equipment—including new gas burners—and implement a selective catalytic reduction (SCR) system to reduce NOx emissions and help the plant meet stricter environmental standards.The O Mon 1 facility includes two 330 MW units that commenced operations in 2009 and 2015, with all major equipment or..

Liebherr’s 10,000th XPower Wheel Loader Joins BERGER’s Fleet

BERGER Rohstoffe GmbH has welcomed the 10,000th Liebherr XPower wheel loader to its operations at the Schlag granite quarry in Passau. The milestone machine, officially handed over at Liebherr’s Bischofshofen plant in May 2025, underscores the long-standing partnership between BERGER, Liebherr, and the Beutlhauser Group. Equipped with Liebherr’s signature power-split travel drive, the new L 580 XPower is already delivering strong results under demanding quarry conditions.At the Schlag quarry, BERGER Rohstoffe processes approximately 200,000 tonnes of Bayerwald granite annually into high-qu..