It’s ‘No’ to EU, but London has waiting arms for India Inc raising green bonds

The state-run company spearheading India’s drive for energy-efficient devices said it’s looking to issue green bonds overseas and that London remains an attractive venue for such fund raising.

Energy Efficiency Services Ltd. may raise as much as $100 million in its first overseas bond sale, Managing Director Saurabh Kumar said in an interview. A team is assessing investor appetite in London and will subsequently explore other markets, he said.

“According to our current information, we will be able to raise these bonds at a lower cost than what we get domestically,” Kumar said in New Delhi on Monday.

The U.K.’s shock decision on June 23 to leave the European Union roiled global markets and cast a cloud over the future of London as a regional center of finance. Despite the volatility, Kumar said the English capital remains the “financial hub of the world.”

India’s plan to replace energy-intensive appliances such as light bulbs and irrigation pumps with more efficient designs is expected to save as much as 600 billion rupees ($8.9 billion) a year by 2019.

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