Grasim is a major producer of textiles, diverse chemicals, viscose, and linen yarn worldwide has announced on Thursday that International Finance Corporation (IFC), a member of the World Bank Group, has invested $150 million (about Rs. 1,250 crore) in Grasim Industries Limited, the Aditya Birla Group’s flagship company.
According to IFC’s statement, the investment would be used to fund the company’s ongoing capital expenditure program for the paints business as well as working capital needs. The investment will take the form of a subscription to non-convertible debentures (NCDs) issued by Grasim Industries.
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IFC has put up to $150 million toward the project; internal accruals and equity offerings would cover the remaining costs.
According to the report, IFC’s investment will quicken it’s decarbonization push by boosting the use of renewable energy and water recycling in the paint production process.
It began as an Indian textile business and was incorporated in 1947. It has developed into a multifaceted player with a presence in numerous industries today. It is a major producer of textiles, diverse chemicals, viscose, and linen yarn worldwide.
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The company just recently began selling paints under the “Birla Opus” brand, and after three years of full-scale operations, it hopes to generate a total income of Rs 10,000 crore.
“We are addressing the transition to a low-carbon economy through our renewable projects and energy-efficient products, and are looking forward to further aligning our activities to the global sustainable development goals,” said H K Agarwal, Managing Director, Grasim Industries.
Approximately 43% of Grasim Industries is owned by Kumar Mangalam Birla, the head of the Aditya Birla group, and his family; institutional investors and other public shareholders own the remaining shares.
About Grasim
Grasim Industries Limited is a prominent publicly listed corporation in India and the flagship company of the Aditya Birla Group. The corporation has joined the paint industry, establishing six factories around India. Building material B2B online marketplace “Birla Pivot” has been developed by Grasim, utilizing the Group’s synergies.
