Allen & Overy has advised UltraTech Cement Limited on the first USD-denominated sustainability-linked bonds from South Asia and South East Asia

UTCL has set a target to reduce greenhouse gas emissions from 2017 levels by 22.7% by 31 May 2030. Proceeds from the SLBs will be used for refinancing INR-denominated debt, capital expenditure and general corporate purposes.

UTCL is the largest cement company in India and the third largest globally (excluding China). Its operations span India, Sri Lanka, Bahrain and the United Arab Emirates. It is part of the Aditya Birla group, a multinational conglomerate which houses entities such as Grasim Industries Limited, Hindalco Industries Limited, Birla Carbon, Vodafone Idea Limited and Aditya Birla Capital Limited. 

Pallavi Gopinath Aney, partner in A&O’s International Capital Markets team, commented:

This transaction is a continuation of the considerable work that Allen & Overy has been doing for clients on ESG-related financings, including advising the Government of the Hong Kong Special Administrative Region of the People’s Republic of China on its recent green bonds issuance. 

The A&O team was led by capital markets partners Pallavi Gopinath Aney and Felipe Duque, with support from Julie Song and Bryan O’Brien.

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