Kesoram concludes Rs 19 bn high-cost debt refinancing

04 Mar 2024 CW Team

Kesoram had successfully completed the refinancing of its high-cost debt, which amounted to nearly Rs 19 billion, resulting in a benefit of approximately 800 basis points in interest rates. In March 2021, the company had borrowed the sum from a group of investors in Non-Convertible Debentures (NCDs) and Optionally Convertible Debentures (OCDs) at an interest rate close to 19 percent.

On the same day, the company declared the redemption of the entire outstanding NCD amount, totalling Rs 14.87 billion, before its maturity. Officials stated that OCDs had been redeemed earlier.

Kesoram's whole-time director & CEO P Radhakrishnan informed PTI, "The complete debt on our books has been refinanced. We secured refinancing of approximately Rs 15 billion from Tata Capital group and an additional Rs 3.5 billion from Hero Finance." He further added, "Our average cost of debt has now decreased to nearly 11.25 percent from over 19 percent previously. This will result in a reduction in our interest burden by more than Rs 300 million on a quarterly basis, positively impacting our bottom line."

In relation to the progress of the sale process of the cement business to UltraTech Cement, Radhakrishnan mentioned that although the effective date remains April 2024, he anticipates it will take some time to obtain all regulatory approvals.

UltraTech Cement is set to acquire Kesoram Industries' cement business in an all-share deal valued at approximately Rs 76 billion, including debt. In this arrangement, Kesoram shareholders will receive one share of UltraTech Cement for every 52 Kesoram shares of Rs 10 each.

Kesoram currently operates two integrated cement units in Sedam (Karnataka) and Basantnagar (Telangana) with a total installed capacity of 10.75 million metric tonnes per annum (MTPA), along with a 0.66 MTPA packing plant in Solapur, Maharashtra. In 2022-23, Kesoram's turnover from cement operations amounted to Rs 35.33 billion.

Real Estate

08 May 2026

Integrated Waterproofing Strategies

Waterproofing buildings used to be an annual pre-monsoon affair but the evolution of real-estate development has changed that approach. In new developments, developers are weaving waterproofing solutions into both the design and construction phases, an approach that Nikhil Madan, Managing Director, Mahima Group, says, “is all about ensuring lasting durability [of the building] and keeping lifecycle risks including water seepage and extensive maintenance to a minimum.”Watertight by designAluminium formwork systems aren’t commonly thought of as a waterproofing tool but at the Mahima Group,..

GROHE Showcases Water-Led Design At Milan

GROHE unveiled its GROHE SPA Aqua Sanctuary at Milan Design Week 2026, transforming Piccolo Teatro Studio Melato into an immersive showcase of water, design and wellbeing. Built on the philosophy of ‘Wellbeing Through Water’, the installation reimagined bathrooms as holistic spaces for relaxation, rejuvenation and self-care.The Aqua Sanctuary was presented through three interconnected sanctums. The first showcased the 3D-printed GROHE SPA AquaTree shower and faucet, highlighting bespoke innovation and biophilic design. The second featured the Atrio Private Collection and GROHE SPA x Buster..

Rahee Group Expands Rail Manufacturing Capacity

Rahee Group has outlined a multi-year investment roadmap to expand its operational footprint and strengthen manufacturing capabilities for India’s growing railway and urban transit sector. The Group is expanding in Odisha with a new Track Component Casting Unit, for which the groundbreaking ceremony was held on 8 April 2026 in the presence of Odisha Chief Minister Mohan Charan Majhi.The Group’s flagship EPC arm, Rahee Infratech Ltd, continues to focus on complex rail infrastructure projects, including track systems, bridges, viaducts and ballastless infrastructure. Its wholly owned subsidi..