Larsen & Toubro closes $107 million sustainability-linked loan with SMBC
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Larsen & Toubro (L&T) on Thursday said it has closed a $107 million sustainability-linked loan with Sumitomo Mitsui Banking Corporation (SMBC).
Sustainability-linked loans aim to facilitate and support environmentally and socially sustainable economic activity and growth.
"L&T has successfully closed a three-year $107 million sustainability-linked loan from Sumitomo Mitsui Banking Corporation (SMBC) on November 30, 2022, with SMBC appointed as the sole sustainability coordinator and lender," the engineering and construction conglomerate said in a filing to BSE.
The facility incorporates interest rate reductions linked to the achievement of two of L&T's predetermined sustainability targets – reduction of greenhouse gas emission intensity and water consumption intensity against the target levels.
"L&T continues to focus on achieving water neutrality by 2035 and carbon neutrality by 2040. Our long-term strategic plan also clearly outlines the ESG road map towards this goal," L&T Group CFO and Whole Time Director R Shankar Raman said.
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