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
Equipment

Handling concrete better

Efficiently handling the transportation and placement of concrete is essential to help maintain the quality of construction, meet project timelines by minimising downtimes, and reduce costs – by 5 to 15 per cent, according to Sandeep Jain, Director, Arkade Developers. CW explores what the efficient handling of concrete entails.Select wellFirst, a word on choosing the right equipment, such as a mixer with a capacity aligned to the volume required onsite, from Vaibhav Kulkarni, Concrete Expert. “An overly large mixer will increase the idle time (and cost), while one that ..

Next Story
Real Estate

Elevated floors!

Raised access flooring, also called false flooring, is a less common interiors feature than false ceilings, but it has as many uses – if not more.A raised floor is a modular panel installed above the structural floor. The space beneath the raised flooring is typically used to accommodate utilities such as electrical cables, plumbing and HVAC systems. And so, raised flooring is usually associated with buildings with heavy cabling and precise air distribution needs, such as data centres.That said, CW interacted with designers and architects and discovered that false flooring can come in handy ..

Next Story
Infrastructure Urban

The Variation Challenge

A variation or change in scope clause is defined in construction contracts to take care of situations arising from change in the defined scope of work. Such changes may arise due to factors such as additions or deletions in the scope of work, modifications in the type, grade or specifications of materials, alterations in specifications or drawings, and acts or omissions of other contractors. Further, ineffective planning, inadequate investigations or surveys and requests from the employer or those within the project’s area of influence can contribute to changes in the scope of work. Ext..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?