L&T Lists India鈥檚 First ESG Bonds, Raises Rs 5 Billion

25 Jun 2025 CW Team

Larsen & Toubro (L&T) has set a benchmark for sustainable finance in India by listing the country鈥檚 first environmental, social and governance (ESG) bonds on the National Stock Exchange. The conglomerate secured Rs 5 billion through three-year non-convertible debentures (NCDs) priced at a 6.35 per cent annual coupon, issued under the Securities and Exchange Board of India鈥檚 newly introduced ESG and sustainability-linked bond framework dated 5 June 2025. Arranged solely by HSBC, the notes will mature on 19 June 2028 and require extensive pre- and post-issuance disclosures, including second-party opinions and defined key performance indicators to track ESG impact.

President and Chief Financial Officer R. Shankar Raman said the listing demonstrates L&T鈥檚 commitment to responsible corporate governance and reinforces its broader energy-transition goals. Under the bond covenants, L&T has pledged measurable reductions in freshwater-withdrawal intensity and greenhouse-gas emissions, supporting its aims of achieving water neutrality by 2035 and carbon neutrality by 2040. The oversubscribed transaction highlights rising investor appetite for ESG-aligned instruments and is expected to serve as a model for future sustainable-financing ventures in India.

Infrastructure Urban

25 Jun 2025

PPP Planned To Rejuvenate Arkavathi River At Rs 25鈥�30 Bn

The Bangalore Water Supply and Sewerage Board (BWSSB) has drawn up a public鈥損rivate partnership scheme to revive the once-vital Arkavathi River, modelling the effort on Ahmedabad鈥檚 Sabarmati riverfront. A preliminary survey pegs the investment at Rs 25鈥�30 billion and a detailed project report (DPR) is due by December 2025. Covering 53.7 km from Nandi Hills to Tippagondanahalli, the blueprint spans 1 449 sq km across Bengaluru Urban, Mandya, Chikkaballapur and Ramanagara districts, touching 734 villages, 77 settlements, ten lakes and 13 industrial belts. Key works include flood contr..

Infrastructure Transport

25 Jun 2025

Reliance Infra Clears Rs 2.73 Bn Debt for JR Toll Road

Reliance Infrastructure announced on Monday that its wholly-owned subsidiary, JR Toll Road Private Ltd (JRTR), has fully settled a debt of Rs 2.73 billion鈥攊ncluding interest鈥攐wed to Yes Bank Ltd (YBL).The settlement, formalised through an addendum to a prior agreement, marks the complete discharge of JRTR鈥檚 outstanding obligations to the lender. As part of the same agreement, Reliance Infrastructure's corporate guarantee for the loan has also been entirely released.In its regulatory filing, Reliance Infrastructure clarified that Yes Bank does not hold any shares in the company and is nei..

Real Estate

25 Jun 2025

Draft Rules To Modernise Maharashtra Housing Societies

Maharashtra is poised to overhaul the way its 0.125 million co-operative housing societies鈥攈ome to about 20 million people鈥攁re run. The Draft Maharashtra Co-operative Societies Rules, 2025, released for public comment on 15 April, promises digital-friendly governance, clearer redevelopment norms and less day-to-day State intervention. Below are the key proposals.The one-off society registration fee would double to Rs 5,000, reflecting higher administrative costs. Annual General Meetings could be held online, provided at least two-thirds鈥攐r twenty鈥攎embers join, and resolutions would nee..