Textiles and industrial giant Grasim Industries has raised Rs 1,250 crore from International Finance Corporation. The business plans to use the funds to bolster its recently established paints business Birla Opus.

The funds were raised from International Finance Corporation through non-convertible debentures, ET Bureau reported. The investment will in part go towards enabling Birla Opus to use a higher rate of renewable energy and water at its manufacturing units as part of its ongoing decarbonisation process. 
 
“We will work collaboratively with IFC to further enhance our sustainability footprints,” said Grasim Industries’ managing director H K Agarwal. “We are addressing the transition to a low-carbon economy through our renewable projects and energy efficient products.”

Birla Opus has a revenue target of Rs 10,000 crore within three years of it achieving full-scale operations, the Economic Times reported. The business currently has the capacity to manufacture 1.33 million litres of paints each year and runs six production facilities in India. 
 
Grasim Industries was incorporated in 1947 and is a flagship company of the Aditya Birla Group, according to its website. The business began as a textiles manufacturer and has since diversified its operations while still primarily focusing on textiles.