Vedanta Aluminium raises $250 million from international banks through sustainability-linked loans
On January 31, 2023, Vedanta Aluminium announced that to finance its capital expenditures and lessen its carbon impact, it had raised $250 million (INR 2,045 crore approx.) through sustainability-linked loans from international banks.
The ability of the borrower to satisfy sustainability goals is a factor in the interest rate of sustainability-linked loans. However, the company intends to use these funds for capital expenditure to achieve the decarbonization and safety performance criteria used to determine the loan terms.
The loan will fuel the company's expansion, including manufacturing value-added aluminium products. International banks from the Middle East and the Far East, such as Mashreq Bank, First Abu Dhabi Bank, and CTBC Bank, are among the lenders.
Rahul Sharma, the CEO of the Vedanta aluminium business, said, "The funds raised via Sustainability Linked Loans will be invested towards growing our business sustainably and responsibly."
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