JSW Steel to raise ₹10,000 crore to boost capacity
PUBLISHED ON JUN 30, 2016 06:14 AM IST
MUMBAI: JSW Steel, one of India’s largest steel companies, plans to raise up to ₹10,000 crore through foreign currency bonds to part finance its future growth plans, including having a steelmaking capacity of 40 million tonnes by 2025. It currently has an annual capacity of 18 million tonnes.
The Mumbai-based company, which is also one of the bidders for buying Tata Steel Europe’s UK business, said it will seek shareholders’ approval at its forthcoming annual general meeting, to also raise ₹4,000 crore through sale of shares or debentures to select institutional investors via the qualified institutional placement route.
JSW Steel also intends to use part of the funds to reduce its ₹31,171 crore debt.
Once approved, JSW Steel’s move to raise funds for capital expenditure will signal a revival of sentiment for Indian manufacturers, who have deferred fund-raising and capex plans due to the global slowdown. While the global steel industry is still grappling with dumping issues due to excess production by Chinese steelmakers, the Indian market is comparatively better placed. But the margins are yet to pick up for Indian mills.
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According to analysts, the high-frequency indicators were pointing towards the fact that the domestic economy is slowly entering the recovery path.
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Oil prices climb after progress on huge US stimulus bill
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South Korea extends currency swap agreement with Switzerland for 5 years
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