JSW Steel Pursues Rs.2,500 Crore Loan from SBI, ICICI

12 Aug 2024 CW Team

JSW Steel is in advanced discussions with the State Bank of India (SBI) and ICICI Bank to secure ?25 billion to fund its capital expenditure plans. The company intends to issue non-convertible debentures at an interest rate of 8.5% to raise these funds, according to sources familiar with the development.

It is reported that SBI may lend a larger share of Rs.15 billion, while ICICI Bank could contribute around ?10 billion.

The company plans to invest Rs.200 billion in FY25 to expand its production capacity, aiming to increase output to 50 million tonnes by FY31. This move is part of JSW's strategy to strengthen its market position and address the growing demand for steel.

In Q4 FY24, JSW Steel's consolidated capital expenditure was ?35 billion, contributing to a total of ?167.52 billion for the entire fiscal year. For FY25, the company expects to spend approximately Rs.200 billion, focusing on new facilities at Vijayanagar and BPSL. This investment will ramp up production volumes, as outlined in its latest investor presentation.

As of March 2024, the company's net debt stood at Rs.739.16 billion, with 57% of this being foreign currency debt. Cash flows from operations and unencumbered cash and cash equivalents amounted to Rs.125.90 billion.

According to ICRA Ratings, JSW Steel's substantial capital expenditure plans, totaling Rs.644.34 billion over FY25-FY27, will keep its free cash flows in check and maintain elevated debt levels in the medium term. A significant portion of this capex will support the completion of brownfield capacity expansions at Vijayanagar and BPSL in FY25, along with a 5.0-MT expansion at Dolvi and enhancements to its downstream capacity and iron ore mining infrastructure in Odisha.

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