Mumbai/New Delhi: India’s JSW Group, which runs emissions-heavy businesses including steel, cement and energy, plans to switch a majority of its bonds to green instruments as the industrial giant seeks access to longer-term borrowings. Raising debt overseas through green and sustainability-linked bond issues will allow the group led by tycoon Sajjan Jindal to almost double its tenure to 10 years, as longer term financing is increasingly difficult for companies raising funds in India, Group Chief Financial Officer Seshagiri Rao said in an interview. There is a “high-probability” the company will switch to only selling sustainability-linked bonds or green bonds over the next five years, he said. Green bonds are instruments used to raise money for environmentally friendly projects. SLBs, on the other hand, may be used more broadly, but are linked to sustainability targets such as carbon reduction. In India, companies including JSW more often issue these bonds overseas as the local market isn’t as mature. India’s bond sales with green or sustainability labels totaled about $6.9 billion in 2021 from $875 million the prior year, according to data compiled by Bloomberg. Read More