IFC to invest $150 million in Aditya Birla Finance

The International Finance Corporation (IFC) is planning to invest $150 million in Aditya Birla Finance Limited (ABFL), a 100 per cent subsidiary of Aditya Birla Capital Limited. The loan will be utilised by ABFL to fund solar projects in select states of the country. This will be the first dedicated climate finance funding for the company and will give ABFL an opportunity to foray into the global climate finance market. IFC’s investment will be made through non-convertible debentures (NCDs) issued by ABFL or through external commercial borrowings (ECBs) in Indian rupees. The NCDs and ECBs will be in line with the Securities and Exchange Board of India and Reserve Bank of India guidelines respectively.