Piramal Finance Secures USD 100 Mn Syndicated Social Loan to Drive Social Impact The loan, coordinated by Standard Chartered Bank, will fund social projects, including affordable housing, priority sector loans, MSME business loans, and microfinance.
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Piramal Capital and Housing Finance Ltd (Piramal Finance), a subsidiary of Piramal Enterprises Limited, has successfully signed its first maiden USD 100 million syndicated social loan under the RBI's ECB guidelines.
The loan, coordinated by Standard Chartered Bank, will fund social projects, including affordable housing, priority sector loans, MSME business loans, and microfinance. This secured three-year term loan is benchmarked to a three-month SOFR (secured overnight financing rate).
Jairam Sridharan, Managing Director, Piramal Capital and Housing Finance Ltd, said, "We are happy to partner with Standard Chartered Bank on this social loan, which strengthens our commitment to sustainable finance and our dedication to supporting underserved communities. This is a key milestone as it enables Piramal Finance to diversify its liquidity sources while achieving the group's purpose of Doing Well and Doing Good. This loan will significantly contribute to our efforts to support affordable housing and MSMEs, driving inclusive growth and economic development across the country."
Adhering to the Social Loan Principles 2023, the loan aligns with Piramal Enterprises' Sustainable Finance Framework, with a second-party opinion from S&P Global Ratings confirming its credibility and impact.
Ankur Khurana, Client Coverage Co-Head India and South Asia, Standard Chartered Bank, added, "This is our first social loan for Piramal Group's NBFC business, and we look forward to being a partner in their sustainable journey. Sustainable financing is one of the strategic priorities at Standard Chartered Bank, and we are committed to helping our clients transition to net zero and accelerate the bank's journey towards building a green economy. In India, Standard Chartered Bank has led bond issuances of over USD 20 billion across green, social, and sustainability-linked themes in the last five years."
Piramal Finance is an NBFC-HFC in India's affordable lending space, offering a diverse range of retail products tailored to the needs of Bharat's underserved communities. With a network of 490 branches across 26 states, serving over 6,000 pin codes in metro-adjacent and Tier I–III cities, the company plans to expand by 50–100 branches by FY25.
