ENA Sectors 2025-01-22 13:41:16 <p><span style="font-size:14px"><strong>New Delhi, Jan 22 (KNN)</strong> The International Finance Corporation (IFC) has approved a USD 100 million sustainability-linked loan (SLL) for JK Tyre, marking a significant step towards sustainable industrial growth in India.</span></p> <p><span style="font-size:14px">The funding package comprises USD 30 million allocated to JK Tyre &amp; Industries and up to USD 70 million for Cavendish Industries Limited (CIL), a subsidiary of JK Tyre.</span></p> <p><span style="font-size:14px">This strategic investment aims to enhance tyre manufacturing capacity, with a focus on energy-efficient production processes. The funding will support the expansion of passenger car radial (PCR) tyre manufacturing at JK Tyres Banmore plant in Madhya Pradesh and truck and bus radial (TBR) tyre production at CILs Laksar plant in Uttarakhand.</span></p> <p><span style="font-size:14px">Raghupati Singhania, Chairman and Managing Director of JK Tyre, expressed optimism about the partnership. We are delighted to strengthen our relationship with IFC, securing a USD 100 million SLL to fund our growth plans.</span></p> <p><span style="font-size:14px">By aligning financing to sustainability goals, we aim to drive positive environmental and social impact while achieving our growth objectives, he said.</span></p> <p><span style="font-size:14px">The initiative not only underscores JK Tyre's commitment to sustainable practices but also aligns with the global push for climate-smart manufacturing. The funding is expected to bolster local supply chains, enhance energy efficiency in tyre production, and create quality jobs in the regions.</span></p> <p><span style="font-size:14px">Riccardo Puliti, IFCs Regional Vice President for Asia and the Pacific, highlighted the broader significance of the investment. Our latest investment will drive climate-smart manufacturing, enhance supply-chain integration, create quality jobs, and propel India towards self-reliance in domestic production.</span></p> <p><span style="font-size:14px">The SLL, a first in Indias tyre industry, aims to set a benchmark and catalyse widespread adoption across the manufacturing sector, he stated.</span></p> <p><span style="font-size:14px">This groundbreaking SLL is not only a milestone for JK Tyre but also a benchmark for Indias tyre industry, paving the way for broader adoption of sustainability-focused financial instruments in manufacturing. The collaboration reaffirms Indias commitment to sustainable development and industrial innovation.</span></p> <p><strong><em><span style="font-size:14px">(KNN Bureau)</span></em></strong></p> 40744 https://knnindia.co.in/news/newsdetails/sectors/ifc-wb-extends-usd-100-million-sustainability-linked-loan-to-jk-tyre 2025-01-22 13:41:16 knnindia.co.in