L&T GreenBond (IFC-37995)

Countries
  • India
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Bank Risk Rating
FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Mar 27, 2017
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
L AND T INFRASTRUCTURE FINANCE COMPANY LIMITED
The holder of the loan, grant, or other investment.
Sectors
  • Energy
  • Finance
  • Infrastructure
The service or industry focus of the investment. A project can have several sectors.
Ring Fence
  • Climate
A financial intermediary is a commercial bank or financial institution that receives funds from a development bank, sometimes for a specific lending purpose. A "ring fence" is another name for this specific purpose. These funds are then used for lending by the financial intermediary to client companies or individuals.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 100.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 1, 2018

Disclosed by Bank Feb 23, 2017


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Project Description

This project funds L&T Infrastructure Finance Limited to finance solar energy projects and leverages and shares the International Monetary Fund's expertise in renewable energy to develop project appraisal and risk assessment capabilities.

Investment Description

LTIF is fully owned subsidiary of L&T Finance Holdings (LTFH). LTFH is the financial services holding arm of Larsen and Toubro Limited (L&T). LTFH offers a wide range of financial products and services to various sectors through its subsidiaries. The group’s activities of LTFH are broadly categorized into infrastructure finance (carried out by LTIF), retail/SME finance, corporate finance, asset management, investment management and wealth management. LTFH’s largest shareholder is Larsen and Toubro Limited which is a major global technology, engineering, construction, manufacturing and financial services conglomerate.

Financial Intermediary
Financial Intermediary: A commercial bank or financial institution that receives funds from a development bank. A financial intermediary then lends these funds to their clients (private actors) in the form of loans, bonds, guarantees and equity shares. Financial intermediaries include insurance, pension and equity funds. The direct financial relationship is between the development bank and the financial intermediary.
Private Actor Relationship

There is often limited information publicly available about what development banks are funding through financial intermediaries. In 2021, the Early Warning System partnered with Oxfam International to incorporate information on high-risk projects being funded by financial intermediaries receiving funding from the International Finance Corporation (IFC) and the Dutch Development Bank (FMO).

The information listed below describes the relationship between the different private actors linked to high-risk sectors and subprojects of IFC and FMO's financial intermediary investments and/or the financial intermediary's parent companies made from 2017 through 2020, including any associated ring fences.

The database, however, does not explicitly or implicitly imply that IFC or FMO have material exposure to or are contractually or legally accountable to the sub-projects financed by their financial intermediaries or the financial intermediary's parent companies. It only shows a seemingly financial relationship among the different private actors, the financial intermediaries, and IFC or FMO.

Private Actors Description

Established in 2006, LTIF is an established Non-Banking Finance Company classified as “Infrastructure Finance Company (“IFC”) by Reserve Bank of India, focused on financing of infrastructure projects, covering various sectors. LTIF offers a “one-stop” solution for all infrastructure financing including term loans, quasi equity/debenture subscriptions, non-fund based support, co-promoting projects etc.

LTIF is fully owned subsidiary of L&T Finance Holdings (LTFH). LTFH is the financial services holding arm of Larsen and Toubro Limited (L&T). LTFH offers a wide range of financial products and services to various sectors through its subsidiaries. The group’s activities of LTFH are broadly categorized into infrastructure finance (carried out by LTIF), retail/SME finance, corporate finance, asset management, investment management and wealth management. LTFH’s largest shareholder is Larsen and Toubro Limited which is a major global technology, engineering, construction, manufacturing and financial services conglomerate.

Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
Acciona SA Parent Company Energy owns Sun Photo Voltaic Energy Client Energy
Actis LLP Parent Company Energy owns Ostro Madhya Wind Pvt Ltd Client Energy
BSCPL Infrastructure Ltd Parent Company Transport owns BSCPL Godhra Tollways Ltd Client Transport
Canadian Solar Energy Hldg Parent Company Energy owns Fermi Solarfarms Pvt Ltd Client Energy
Coastal Projects Ltd Parent Company Energy owns Ujjawala Power Private Ltd Client Energy
GMR Infrastructure Ltd Parent Company Energy owns GMR Gujarat Solar Power Pvt Client Energy
GVK Power & Infrastructure Ltd Parent Company Transport owns Mumbai Intl Airport Pvt Ltd Client Transport
Hero Future Energies Pvt Ltd Parent Company Energy owns Clean Wind Power (Devgarh) Client Energy
Hindustan Powerprojects Pvt Parent Company Energy owns MB Power(Madhya Pradesh)Ltd Client Energy
Hindustan Powerprojects Pvt Parent Company Energy owns Solitaire Energies Limited Client Energy
IDFC Ltd Parent Company Energy owns Hindupur Solar Parks Pvt Ltd Client Energy
Larsen & Toubro Investor Finance invests in Acciona SA Parent Company Energy
Larsen & Toubro Investor Finance invests in Acme Odisha Solar Power Pvt Parent Company Energy
Larsen & Toubro Investor Finance invests in Acme Pv Powertech Pvt Ltd Parent Company Energy
Larsen & Toubro Investor Finance invests in Actis LLP Parent Company Energy
Larsen & Toubro Investor Finance invests in Adani Green Energy Ltd Parent Company Energy
Larsen & Toubro Investor Finance invests in Animala Wind Power Pvt Ltd Parent Company Energy
Larsen & Toubro Investor Finance invests in Arinsun Clean Energy Pvt Ltd Parent Company Energy
Larsen & Toubro Investor Finance invests in Atria Wind Power (Bijapur-2) Parent Company Energy
Larsen & Toubro Investor Finance invests in Axis Wind Farms (Anantapur) Parent Company Energy
Larsen & Toubro Investor Finance invests in Axis Wind Farms (MPR DAM) Pvt Parent Company Energy
Larsen & Toubro Investor Finance invests in Axis Wind Farms (Rayalaseema) Parent Company Energy
Larsen & Toubro Investor Finance invests in Azure Power Makemake Pvt Ltd Parent Company Energy
Larsen & Toubro Investor Finance invests in Bothe Windfarm Development Pvt Client Energy
Larsen & Toubro Investor Finance invests in BSCPL Godhra Tollways Ltd Client Transport
Larsen & Toubro Investor Finance invests in BSCPL Infrastructure Ltd Parent Company Transport
Larsen & Toubro Investor Finance invests in Canadian Solar Energy Hldg Parent Company Energy
Larsen & Toubro Investor Finance invests in Chhattisgarh-WR Transmission Client Energy
Larsen & Toubro Investor Finance invests in Clean Solar Power (Gulbarga) Parent Company Energy
Larsen & Toubro Investor Finance invests in Clean Wind Power (Devgarh) Client Energy
Larsen & Toubro Investor Finance invests in Clean Wind Power Piploda Pvt Parent Company Energy
Larsen & Toubro Investor Finance invests in Coastal Projects Ltd Parent Company Energy
Larsen & Toubro Investor Finance invests in Dayakara Solar Power Pvt Ltd Parent Company Energy
Larsen & Toubro Investor Finance invests in Energon RJ Wind Power Pvt Ltd Parent Company Energy
Larsen & Toubro Investor Finance invests in Enviro Solaire Pvt Ltd Parent Company Energy
Larsen & Toubro Investor Finance invests in Fermi Solarfarms Pvt Ltd Client Energy
Larsen & Toubro Investor Finance invests in GMR Gujarat Solar Power Pvt Client Energy
Larsen & Toubro Investor Finance invests in GMR Infrastructure Ltd Parent Company Energy
Larsen & Toubro Investor Finance invests in Grahati Solar Energy Pvt Ltd Parent Company Energy
Larsen & Toubro Investor Finance invests in GVK Power & Infrastructure Ltd Parent Company Transport
Larsen & Toubro Investor Finance invests in Hero Future Energies Pvt Ltd Parent Company Energy
Larsen & Toubro Investor Finance invests in Hindupur Solar Parks Pvt Ltd Client Energy
Larsen & Toubro Investor Finance invests in Hindustan Powerprojects Pvt Parent Company Energy
Larsen & Toubro Investor Finance invests in IDFC Ltd Parent Company Energy
Larsen & Toubro Investor Finance invests in IRB PP Project Pvt Ltd Client Transport
Larsen & Toubro Investor Finance invests in KAS Onsite Power Solutions LLP Parent Company Energy
Larsen & Toubro Investor Finance invests in KN Bijapura Solar Energy Pvt Parent Company Energy
Larsen & Toubro Investor Finance invests in KN Indi Vijayapura Solar Parent Company Energy
Larsen & Toubro Investor Finance invests in Lodha Developers Ltd Parent Company Industry and Trade
Larsen & Toubro Investor Finance invests in Magnet Buildtech Pvt Ltd Parent Company Industry and Trade
Larsen & Toubro Investor Finance invests in MB Power(Madhya Pradesh)Ltd Client Energy
Larsen & Toubro Investor Finance invests in MBL (CGRG) Road Ltd Parent Company Transport
Larsen & Toubro Investor Finance invests in Mbl (GSY) Road Ltd Parent Company Transport
Larsen & Toubro Investor Finance invests in Mhaiskar Ventures Pvt Ltd Parent Company Transport
Larsen & Toubro Investor Finance invests in Mihit Solar Power Pvt Ltd Parent Company Energy
Larsen & Toubro Investor Finance invests in Molagavalli Renewable Pvt Ltd Client Energy
Larsen & Toubro Investor Finance invests in Morgan Stanley Parent Company Energy
Larsen & Toubro Investor Finance invests in Mumbai Cargo Svc Centre Parent Company Transport
Larsen & Toubro Investor Finance invests in Mumbai Intl Airport Pvt Ltd Client Transport
Larsen & Toubro Investor Finance invests in Mytrah Vayu (Tungabhadra) Pvt Client Energy
Larsen & Toubro Investor Finance invests in Navayuga Dhola Infra Projects Parent Company Construction
Larsen & Toubro Investor Finance invests in Navayuga Quazigund Expressway Parent Company Transport
Larsen & Toubro Investor Finance invests in NCC Ltd Parent Company Transport
Larsen & Toubro Investor Finance invests in NRSS XXIX Transmission Ltd Client Energy
Larsen & Toubro Investor Finance invests in Odisha Generation Phase-II Parent Company Energy
Larsen & Toubro Investor Finance invests in Orange Agar Wind Power Pvt Ltd Parent Company Energy
Larsen & Toubro Investor Finance invests in Ostro Jaisalmer Pvt Ltd Parent Company Energy
Larsen & Toubro Investor Finance invests in Ostro Kutch Wind Pvt Ltd Parent Company Energy
Larsen & Toubro Investor Finance invests in Ostro Madhya Wind Pvt Ltd Client Energy
Larsen & Toubro Investor Finance invests in Penna Cement Industries Ltd Parent Company Construction
Larsen & Toubro Investor Finance invests in Power Finance Corp Ltd Parent Company Energy
Larsen & Toubro Investor Finance invests in ReNew Power Bond Facilities 2018 Client Energy
Larsen & Toubro Investor Finance invests in ReNew Power Ventures Parent Company Energy
Larsen & Toubro Investor Finance invests in Renew Power Ventures Pvt Parent Company Energy
Larsen & Toubro Investor Finance invests in Renew Wind Energy Parent Company Energy
Larsen & Toubro Investor Finance invests in Renew Wind Energy Rajasthan Parent Company Energy
Larsen & Toubro Investor Finance invests in Sand Land Real Estates Pvt Ltd Parent Company Industry and Trade
Larsen & Toubro Investor Finance invests in Sanghi Inds Ltd Parent Company Construction
Larsen & Toubro Investor Finance invests in Solitaire Energies Limited Client Energy
Larsen & Toubro Investor Finance invests in Sterlite Grid 2 Ltd Parent Company Energy
Larsen & Toubro Investor Finance invests in Sun Photo Voltaic Energy Client Energy
Larsen & Toubro Investor Finance invests in Suprasanna Solaire Energy Pvt Parent Company Energy
Larsen & Toubro Investor Finance invests in Surajkiran Renewable Parent Company Energy
Larsen & Toubro Investor Finance invests in The Raksha Trust Parent Company Energy
Larsen & Toubro Investor Finance invests in Tirunelveli Solar Project Pvt Parent Company Energy
Larsen & Toubro Investor Finance invests in Ujjawala Power Private Ltd Client Energy
Larsen & Toubro Investor Finance invests in Vena Energy Fatanpur Power Parent Company Energy
Larsen & Toubro Investor Finance invests in Vena Energy KN Wind Power Pvt Parent Company Energy
Larsen & Toubro Investor Finance invests in Vena Energy Power Resources Parent Company Energy
Larsen & Toubro Investor Finance invests in Western UP Tollway Ltd Client Transport
Mhaiskar Ventures Pvt Ltd Parent Company Transport owns IRB PP Project Pvt Ltd Client Transport
Morgan Stanley Parent Company Energy owns Bothe Windfarm Development Pvt Client Energy
NCC Ltd Parent Company Transport owns Western UP Tollway Ltd Client Transport
Power Finance Corp Ltd Parent Company Energy owns Chhattisgarh-WR Transmission Client Energy
ReNew Power Ventures Parent Company Energy owns ReNew Power Bond Facilities 2018 Client Energy
Renew Power Ventures Pvt Parent Company Energy owns Molagavalli Renewable Pvt Ltd Client Energy
Sterlite Grid 2 Ltd Parent Company Energy owns NRSS XXIX Transmission Ltd Client Energy
The Raksha Trust Parent Company Energy owns Mytrah Vayu (Tungabhadra) Pvt Client Energy

Contact Information

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/