JSW Cement defers listing, expansion plans amid COVID-19 crisis
It had earlier earmarked around Rs 2,900 crore to fund its expansion
JSW Cement has deferred its expansion plans by six to 12 months as well as plans of listing on the bourses.
The company had earlier earmarked around Rs 2,900 crore to fund its expansion, namely brownfield and some other organic projects, to raise the installed capacity from around 14 million tpa to 25 million tpa by 2023.
Around 50 percent of the capital outlay is being funded by debt and the rest from internal accruals.
The original plan was to evolve into a 20 million tpa company by 2020.
The company plans to expand capacity in Shiva Cement, where it has a 54.44 percent stake, which will help in further expansion of its Salboni plant in West Bengal. Out of the 11 million tpa expansion, six million tpa is being added in east India with 2.5 million tpa each in the western and southern parts of the country.
JSW Cement has acquired limestone mining rights in Rajasthan, Chhattisgarh, and Gujarat.