Allen & Overy has advised UltraTech Cement Limited on the first USD-denominated sustainability-linked bonds from South Asia and South East Asia
17 February 2021
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 landmark issuance comes amidst the increasing demand for ESG and sustainability-linked bonds and demonstrates UltraTech’s commitment to sound environmental management of its business activities. We expect to see more such issuances like this from other issuers as investor demand continues to drive the sustainable financing market.
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.