Latest News | JSW Cement Secures Rs 400 Cr as Sustainability-linked Loan from MUFG Bank

Mumbai, Oct 3 (PTI) JSW Cement on Monday said it has raised Rs 400 crore from MUFG Bank India as its first sustainability-linked loan.

The Sajjan Jindal-led company plans to deploy the fund for capital expenditure to achieve its annual capacity target of 25 million tonne by FY25, it said in a statement.

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While this credit line is the first sustainability-linked loan for the company, it is also MUFG Bank India's first transaction undertaken out of its new IFSC unit branch launched in August 2022 in the Gift City, it said.

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.

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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 in Sundergarh district of Odisha along with a 1 million tonne grinding unit.

The Mitsubishi UFJ Financial Group is one of the world's leading financial groups headquartered in Tokyo with over 360 years of history.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)