Vedanta Aluminium secures $250m worth sustainability linked loans
Vedanta Aluminium has secured $250 million through sustainability linked loans (SLL) from major international banks towards funding its capex initiatives and lowering its carbon footprint.
The Indian aluminium producer claimed that the loans were issued on the basis of certain performance parameters for safety and decarbonization and that they will drive its growth journey. This is said to be the first such sustainability linked loan for Vedanta Group, the owner of the company.
Vedanta Aluminium aims to use the funding to enhance backward integration as well as for producing value-added aluminium products.
The lenders include Mashreq Bank, Qatar National Bank Q.P.S.C., First Abu Dhabi Bank, and CTBC Bank among others.
Rahul Sharma — Vedanta Aluminium Business CEO said: “Aluminium will be indispensable to a low-carbon future, with critical applications across a vast spectrum of industries ranging from electric vehicles to renewable energy and more.
“We intend to conceive our growth plans on the bedrock of sustainability, with a sharp focus on people safety, decarbonization of our value-chain and water positive operations. The funds raised via Sustainability Linked Loans will be invested towards growing our business sustainably and responsibly.”