Synergy Fund, Apollo Global to invest Rs 1,500 cr in JSW Cement

26 Jul 2021 CW Team

The capital increase corresponds with an uptick in demand from real estate and construction after lockdown, which resulted in most cement stocks outperforming the Nifty over the previous month and the last year.

Led by Sudhir Maheshwari, a long time ArcelorMittal executive, Dubai-based Synergy Fund has already desired clearance from the Competition Commission of India for obtaining an equity stake in JSW Cement and got its clearance on July 15th under the green channel route. Apollo is anticipated to sign its final agreement this coming week.

JSW Cement is going to issue Compulsorily Convertible Preference Shares (CCPS) to the two investors, each of them putting in Rs 750 crore at a post-money valuation of around Rs 8,500 to Rs 8,750 crore.

The CCPS have a five-year maturity, or they can be converted into equity shares prior to the company’s planned listing, scheduled in the following 18-24 months.

The investors can own up to 19% of the company upon conversion, and each of them also gets a board seat.

The Jindal family entirely owns JSW Cement. The investments are looked at as the precursor to the company’s initial public listing, which was originally planned for the previous year but got postponed because of the pandemic to the second half of 2022.

Managing Director of JSW Cement, Parth Jindal, told the media in an earlier interaction that the JSW Group was seeking growth equity from external sources to fund its latest round of expansions before the two businesses go public and that the development plans were to be equally financed by a combination of debt and internal growth of Rs 2,000 crore and Rs 1,500 crore of private equity investments.

Image Source

Also read: CCI approves stake acquisition in JSW Cement by Synergy Metals

Apollo Global Management is multiplying down on Sajjan Jindal led JSW Group by joining Synergy Metals Investments for a Rs 1,500 crore capital increase in the conglomerate’s cement business, which is run by his son Parth, to finance its development plans to become 25 million tonnes scaled operations. The capital increase corresponds with an uptick in demand from real estate and construction after lockdown, which resulted in most cement stocks outperforming the Nifty over the previous month and the last year. Led by Sudhir Maheshwari, a long time ArcelorMittal executive, Dubai-based Synergy Fund has already desired clearance from the Competition Commission of India for obtaining an equity stake in JSW Cement and got its clearance on July 15th under the green channel route. Apollo is anticipated to sign its final agreement this coming week. JSW Cement is going to issue Compulsorily Convertible Preference Shares (CCPS) to the two investors, each of them putting in Rs 750 crore at a post-money valuation of around Rs 8,500 to Rs 8,750 crore. The CCPS have a five-year maturity, or they can be converted into equity shares prior to the company’s planned listing, scheduled in the following 18-24 months. The investors can own up to 19% of the company upon conversion, and each of them also gets a board seat. The Jindal family entirely owns JSW Cement. The investments are looked at as the precursor to the company’s initial public listing, which was originally planned for the previous year but got postponed because of the pandemic to the second half of 2022. Managing Director of JSW Cement, Parth Jindal, told the media in an earlier interaction that the JSW Group was seeking growth equity from external sources to fund its latest round of expansions before the two businesses go public and that the development plans were to be equally financed by a combination of debt and internal growth of Rs 2,000 crore and Rs 1,500 crore of private equity investments. Image Source Also read: CCI approves stake acquisition in JSW Cement by Synergy Metals

Infrastructure Energy

22 Oct 2025

KEC Secures Rs 10, 380 Mn Substation Order in Saudi Arabia

KEC International Ltd., a global infrastructure EPC major, and an RPG Group company, has secured a new order worth Rs 10,380 million for the Design, Supply and Installation of a 380 kV GIS Substation in Saudi Arabia.Vimal Kejriwal, MD & CEO, KEC International Ltd., commented, “We are delighted with the successive order wins in our T&D business. In a landmark achievement, we have secured our largest ever substation order. This prestigious order in the Middle East has widened our portfolio and strengthened our presence in the region. With this strategic win, our year-to-date or..

Infrastructure Urban

22 Oct 2025

Central Bank of India executes first fully digital SCF deal on PSB Xchange

In a major advancement for India’s banking sector, Central Bank of India (CBI) has successfully completed the country’s first fully digital supply chain finance (SCF) transaction on PSB Xchange—a unified multi-lender platform launched by PSB Alliance. PSB Xchange is designed to connect public and private sector banks, NBFCs, and fintechs with corporates and their channel partners to facilitate supply chain finance and small business loans. The transaction marks the first time a fintech-originated corporate lead has been seamlessly processed through the PSB Xchange ecosystem. The lead fl..

Infrastructure Energy

22 Oct 2025

Atlanta Electricals secures Rs 1,835 Mn transformer order from BNC Power

Atlanta Electricals Limited (“Atlanta”) has secured an order worth Rs 1,835 million from BNC Power Projects Ltd for the supply of extra high voltage (EHV) transformers and a bus reactor for its Pugal site. The contract includes a mix of 315 MVA, 400 KV and 100 MVA, 132 KV transformers along with a 400 KV bus reactor. The project scope encompasses design, manufacturing, testing, and supply to the project site. Deliveries will be sequenced following engineering and drawing approvals, offering multi-quarter execution visibility and ensuring a steady production run-rate. The order will be ex..