Investment21 Jan 2025, 11:52 pm
JK Tyre Secures $100M Sustainability-Linked Loan from IFC for Tyre Manufacturing Expansion
AI Summary
International Finance Corporation (IFC), a member of the World Bank Group, has sanctioned a $100 million Sustainability-Linked Loan (SLL) to JK Tyre & Industries Ltd, a leading Indian tyre manufacturer with a global presence. The funding includes $30 million to JK Tyre & Industries Limited and up to $70 million for Cavendish Industries Limited (CIL), a subsidiary of JK Tyre. The funding will support the expansion of tyre manufacturing capacity, focusing on Passenger Car Radial (PCR) tyres at JK Tyre's Banmore plant in Madhya Pradesh and Truck and Bus Radial (TBR) tyres at CIL’s Laksar plant in Uttarakhand. The initiative aims to promote energy-efficient tyre production, strengthen local supply chains, and create jobs.
Key Highlights
- JK Tyre secures $100 million Sustainability-Linked Loan from IFC for tyre manufacturing expansion.
- Funding to support the expansion of tyre manufacturing capacity for PCR tyres at Banmore plant and TBR tyres at CIL’s Laksar plant.
- Initiative aims to promote energy-efficient tyre production, strengthen local supply chains, and create jobs.
- JK Tyre is a flagship company of JK Organisation, a global conglomerate.
- This is the first Sustainability-Linked Loan in India’s tyre industry.