Larsen & Toubro has announced a Rs 500 crore ESG bond issuance deal, becoming the first Indian corporate to do so under the Securities and Exchange Board of India's (SEBI) newly introduced ESG and sustainability-linked bond framework. HSBC is acting as the sole lead arranger in this transaction.
As part of the ESG Bond deal, L&T is committed to environmental targets, including a decrease in intensity of fresh water withdrawal and emissions of greenhouse gases. These initiatives are in line with the company's long-term sustainability goals of achieving water neutrality by 2035 and carbon neutrality by 2040.
“We take pride in leading the transition to sustainable finance under SEBI's new ESG framework,” said a senior spokesperson from L&T. “This bond issuance reinforces our steadfast commitment to sustainable development and responsible business practices while aligning our finances with environmental targets.”
“We are pleased to partner with L&T on the first INR Sustainability Linked Bond under SEBI's guidelines, reinforcing our commitment to supporting the Clean Energy Transition in India. We look forward to partnering with corporates across sectors looking to navigate the paths toward their sustainability goals', said HSBC India.
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