SBI acquires minority stake in JSW Cement at Rs 100 crore
Cement

SBI acquires minority stake in JSW Cement at Rs 100 crore

State Bank of India (SBI) has bagged a minority stake in JSW Cement Limited, worthing Rs 100 crore through compulsorily convertible preference shares (CCPS).

The capital infusion will help JSW Cement increase its capacity from 14 million tonnes per annum (mtpa) to 25 mtpa.

Managing Director of JSW Cement, Parth Jindal, said that the company increased its capacity from 6 mtpa to 14 mtpa in three years and expects to increase to 25 mtpa in the next two years.

The conversion of CCPS into common equity would be joined to the company's future business performance and valuation at the time of the proposed initial public offering (IPO).

Director Finance of JSW, Narinder Singh Kahlon, told the media that financing the company's growth with investment from SBI increased the company's position in the planned IPO in the next 12-18 months.

Previously, SBI's transaction with JSW Cement came close to a Rs 1,500 crore investment by Apollo Global Management Inc and Synergy Metals Investments Holding.

JSW Cement has manufacturing units of the capacity of 14 mtpa at Vijayanagar in Karnataka, Nandyal in Andhra Pradesh, Salboni in West Bengal, Jajpur in Odisha and Dolvi in Maharashtra.

Currently, Shiva Cement Limited is investing over Rs 1,500 crore in a clinker project of 1.36 mtpa in Odisha. The scope of work includes setting up a one mtpa grinding unit and associated facilities.

Image Source

State Bank of India (SBI) has bagged a minority stake in JSW Cement Limited, worthing Rs 100 crore through compulsorily convertible preference shares (CCPS). The capital infusion will help JSW Cement increase its capacity from 14 million tonnes per annum (mtpa) to 25 mtpa. Managing Director of JSW Cement, Parth Jindal, said that the company increased its capacity from 6 mtpa to 14 mtpa in three years and expects to increase to 25 mtpa in the next two years. The conversion of CCPS into common equity would be joined to the company's future business performance and valuation at the time of the proposed initial public offering (IPO). Director Finance of JSW, Narinder Singh Kahlon, told the media that financing the company's growth with investment from SBI increased the company's position in the planned IPO in the next 12-18 months. Previously, SBI's transaction with JSW Cement came close to a Rs 1,500 crore investment by Apollo Global Management Inc and Synergy Metals Investments Holding. JSW Cement has manufacturing units of the capacity of 14 mtpa at Vijayanagar in Karnataka, Nandyal in Andhra Pradesh, Salboni in West Bengal, Jajpur in Odisha and Dolvi in Maharashtra. Currently, Shiva Cement Limited is investing over Rs 1,500 crore in a clinker project of 1.36 mtpa in Odisha. The scope of work includes setting up a one mtpa grinding unit and associated facilities. Image Source

Next Story
Infrastructure Transport

Mumbai-Ahmedabad Bullet Train Set to Launch by 2028

India’s first bullet train is set to revolutionize high-speed travel along the western corridor, with the Mumbai-Ahmedabad high-speed rail project aiming for a 2028 launch. This announcement marks a major milestone in India’s infrastructure goals, as it promises to reduce travel time between the two economic hubs from eight hours to just three.Spanning a planned 508-kilometre stretch, the corridor stands as a flagship example of Indo-Japanese collaboration in technology and engineering. Once operational, the train is expected to transform intercity mobility and place India among the select..

Next Story
Infrastructure Transport

Mumbai-Gandhinagar Train Service Enhances Passenger Capacity

The Mumbai Central–Gandhinagar Capital Vande Bharat Express has increased its passenger capacity by adding four additional AC chair car coaches to meet the growing commuter demand on one of India’s busiest business corridors. This upgrade, effective from 11 May, raised the train’s seating capacity from 1,128 to 1,440 passengers, allowing it to serve 936 more passengers daily in both directions. The increase was described as a practical measure to accommodate the surging demand on the busy Mumbai–Ahmedabad–Gandhinagar route, which regularly operates at over 150 percent seat occupancy...

Next Story
Infrastructure Urban

Delhi Plans 12 Sewage Plants to Clean Najafgarh Drain Efficiently

Delhi’s ambitious plan to improve the water quality of the Yamuna River has gained significant momentum as the Delhi Jal Board (DJB) has begun work on 12 new sewage treatment plants (STPs) aimed at reducing the volume of untreated sewage being discharged from the Najafgarh Drain.This initiative forms part of the ongoing efforts to clean the Yamuna and restore the river’s health, which has long been a critical environmental issue for the national capital. Given the alarming pollution levels in the Yamuna, experts and officials consider this project a vital step toward addressing the persist..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?