JSW Group pushes IPO plans for cement unit to 2021
Citing the deepening slowdown and the resultant fall in demand, JSW Group has pushed its plans to take its cement unit public with an IPO by a year to 2021.
JSW Cement had initially planned to hit the market with an initial public offer on reaching the 20 mt annual capacity by 2020, which it now says will take a year to achieve due to the falling demand.
“Due to the ongoing slowdown, we had to revise our capacity target by 12 months to 2021. Once we reach that level, we will go for the IPO,” managing director Parth Jindal told reporters on Wednesday.
The company also announced its plans to invest over Rs 2,800 crore over the next three-four years to ramp up its capacity to 25 million tonne per annum by 2023.
The company has annual capacity of 14 mt now, which it plans to expand to 20 mt by 2021 and further to 25 mt by 2023.