MD cites slowdown, COVID-19
JSW Cement has again pushed back its plans for an initial public offering (IPO) by two years to around December 2022 due to slowdown and COVID-19 disruptions, a top company official said on Wednesday.
The company has already drawn an ambitious plan to expand its combined cement capacity to 25 million tonne by 2023 from 14 million tonne at a capex of ₹3,600 crore.
“In 2019, the sector had de-growth, in 2020. COVID hit us. Now, December 2022 is a logical timeline for us for the IPO,” JSW Cement MD Parth Jindal said at a virtual briefing to announce the expansion of Shiva Cement, in Odisha.
Shiva Cement Ltd, 59% owned by JSW Cement Ltd., will invest more than ₹1,500 crore in a 1.36 million-tonne clinker unit in Sundergarh district of the State.
(With inputs from Lalatendu Mishra)
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