JSW Steel had earlier entered into a business transfer agreement for the acquisition of its cement grinding facility at Raigad, Maharashtra with Heidelberg Cement India. However, now there is a concern due to its slump sale. In terms of the business transfer agreement, the Raigad undertaking has been transferred to the company.
By issuing non-convertible debentures on private placement basis, Heidelberg Cement India plans to raise Rs 370 crore. It has appointed India Ratings and Research, as the credit rating agency for debentures. The company has plans to treble its capacity in India to 15 mtpa through inorganic and organic routes involving an investment of over Rs 8,000 crore. Contact: Heidelberg Cement India.
By issuing non-convertible debentures on private placement basis, Heidelberg Cement India plans to raise Rs 370 crore. The company said in a Bombay Stock Exchange (BSE) filing on November 28 that it has appointed India Ratings and Research, a Fitch group company, as the credit rating agency for the purpose of obtaining credit rating in view of the proposed issue of debentures.
For an undisclosed amount, JSW Steel has acquired Heidelberg Cement India's cement grinding facility in Raigad of Maharashtra. The capacity of the facility is 0.6 million tonne per annum (mtpa). The two companies signed the Business Transfer Agreements for the acquisition on October 5.
Heidelberg Cement India has expanded its manufacturing capacity at its Jhansi-based grinding plant from 0.8 million tonne per annum to 2.7 million tonne annually. The company successfully conducted trial runs at the new plant towards the end of 2012 before starting production in the second half of January 2013.