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					</table><p>Mumbai-based multinational conglomerate Larsen &amp; Toubro (<a href="https://www.larsentoubro.com/" target="_blank" rel="noopener">L&amp;T</a>) said it has closed a three-year $107 million sustainability-linked loan (SLL) from Sumitomo Mitsui Banking Corporation (<a href="https://www.smbc.co.jp/global/" target="_blank" rel="noopener">SMBC</a>).</p>
<p>The company said the loan underscores its continued commitment to environmental, social, and governance (ESG) goals.</p>
<p>The facility offers lower interest rates linked to achieving two of L&amp;T’s predetermined sustainability targets – the reduction of greenhouse gas emission intensity and water consumption intensity against the target levels.</p>
<p>R Shankar Raman, Group CFO and Whole Time Director of the company, said, “L&amp;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 roadmap towards this goal.”</p>
<p>The company said these targets had been selected on the basis that they are relevant and material to the company’s overarching sustainability position and strategy.</p>
<p>The loan fulfilled the core requirements under the Sustainability Linked Loan Principles.</p>
<p>International Finance Cooperation (<a href="https://www.ifc.org/wps/wcm/connect/corp_ext_content/ifc_external_corporate_site/home" target="_blank" rel="noopener">IFC</a>) defines sustainability-linked finance as a facility designed to incentivize the borrower’s achievement of environmental, social, or governance targets through pricing incentives.</p>
<p>Toshitake Funaki, CEO of SMBC India, said, “This transaction supports SMBC Group’s initiatives to contribute to a sustainable society through its financial services. We are delighted to be the Sustainability Coordinator and Lender for this SLL facility to our core client, L&amp;T”.</p>
<p>In August, L&amp;T <a href="https://mercomindia.com/lt-green-hydrogen-facility-in-gujarat/" target="_blank" rel="noopener">announced</a> the commissioning of a green hydrogen facility at its AM Naik Heavy Engineering Complex in Hazira, Gujarat. The production facility is expected to produce 45 kg of green hydrogen daily, which would be used for captive consumption at its Hazira manufacturing complex.</p>
<p>Earlier in the year, the company, through its power transmission and distribution business, <a href="https://www.larsentoubro.com/pressreleases/2022-03-15-lt-construction-awarded-significant-contracts-for-its-power-transmission-and-distribution-business/" target="_blank" rel="noopener">bagged</a> orders to construct a 245 MW solar power project in Rajasthan and a 35 MW solar with a 57 MWh battery energy storage system in the Kutch district of Gujarat.</p>
<p>The company also won orders for the supply and construction of shunt reactors in 132 kV substations on a turnkey basis which will be added to Dubai’s electricity infrastructure.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gautamee-hazarika/" class="vcard author" rel="author"><span class="fn">Gautamee Hazarika</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Gautamee,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gautamee-hazarika/" target="_blank" rel="noopener">More articles from Gautamee.</a><br />
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<a href="gautamee@mercomindia.com" target="_blank" rel="noopener">gautamee@mercomindia.com</a></p>
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<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">Gautamee</a> is a reporter at Mercom India. Prior to Mercom, Gautamee was working as a multimedia news journalist at ThePrint in New Delhi. She has received her Bachelors in English Honors and Masters in English Literature from St.Stephen&#8217;s College, University of Delhi.<a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">More articles from Gautamee</a></div>
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Larsen & Toubro Secures $107 Million Sustainability-Linked Loan from Sumitomo

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