Ultratech Raises USD 500 Million Through Sustainability-Linked Financing

Mumbai, Aug 28, 2024: UltraTech Cement Limited has raised USD 500 million through a sustainability-linked loan with participation from six banks. The transaction marks the second sustainability-linked financing raised by UltraTech, subsequent to its inaugural sustainability-linked bond issuance in 2021.

This financing is aligned with UltraTech's recently published Sustainability-Linked Financing Framework which covers the company’s future sustainability-linked bond and loan issuances. UltraTech’s Framework is aligned with the Sustainability-Linked Bond Principles published by the ICMA, the Sustainability-Linked Loan Principles published by the LMA/LSTA/APLMA and has received a Second Party Opinion from S&P Global Ratings.

The Sustainability Performance Targets (SPTs), detailed in the framework, encompass: reduction of scope 1 emissions, measured in kgCO2 per ton of cementitious material (kgCO2/t.cem), by 27% by March 31, 2032, from a FY17 baseline; and increase share of green energy from waste heat recovery system (WHRS), solar and wind power in its total energy mix to 85% by FY30 and 100% in FY50.

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Sumitomo Mitsui Banking Corporation (SMBC) acted as the sole Sustainability Coordinator for this transaction and served as the sole advisor on UltraTech’s Sustainability-Linked Financing Framework. Lenders for the transaction include SMBC, SBI, BNP Paribas, DBS, MUFG and Mizuho.