Displaying items by tag: JSW Cement
JSW Cement considering US$484m initial public offering
01 September 2023India: JSW Cement may be planning to launch an initial public offering (IPO) to raise up to US$484m, according to Reuters.
JSW Cement managing director Parth Jindal reportedly said “In 2024, we are planning to take this company public, for which we will be filing the draft red herring prospectus in the next six months. We will be timing the market listing after the national elections.” Parliamentary and state legislative assembly elections are due to take place in September, November and December 2023.
India: The Cement Manufacturers' Association has elected Neeraj Akhoury. He is the managing director of Shree Cement. In a statement the association said “Akhoury brings with him more than 30 years of experience in steel and cement industries. He has worked in various leadership roles in India and other emerging markets.” The association also elected Parth Jindal as its vice-president. Jindal is the managing director of JSW Cement.
JSW Cement takes US$50m sustainability-linked loan
12 June 2023India: JSW Cement has signed a US$50m sustainability-linked loan agreement with BNP Paribas Singapore. The Hindu BusinessLine newspaper has reported that the producer plans to use the funds for capital expenditure projects aimed to more than double its production capacity to 50Mt/yr from 17Mt/yr. Current plans include US$388m in investments in the construction of a 2.5Mt/yr integrated cement plant in Madhya Pradesh and a 2.5Mt/yr grinding plant in Uttar Pradesh.
The latest loan from BNP Paribas is the second of its kind taken by the group, following a US$48.5m sustainability-linked loan from Japan-based MUFG Bank in October 2022.
Shiva Cement commissions Sundergarh cement plant
01 June 2023India: Shiva Cement has commissioned its new US$185m Sundergarh cement plant in Odisha. Pragativadi News has reported that the new plant has an integrated capacity of 1.05Mt/yr and an additional grinding capacity of 0.27Mt/yr.
In October 2022, parent company JSW Cement announced plans to increase its total installed capacity by 47% to 25Mt/yr.
India: JSW Cement was among 20 companies from various industries in attendance at a roundtable discussion on the subject of leveraging clean energy to journey towards net zero on 13 April 2023. The discussion covered a broad range of ways to end the use of fossil fuels, including energy storage and the use of electric vehicles. Press Trust of India News has reported that advanced batteries developer Log9 Materials hosted the event in partnership with networking platform Blue Circle – not to be confused with the former cement producer of the same name. Executive director and chief risk officer Arvind Bodhankar represented Dalmia Bharat, while chief sustainability and innovation officer Manoj Rustagi represented JSW Cement.
Mitsui Bussan invests in JSW One Platforms
13 April 2023India: JSW One Platforms, JSW Group’s online business-to-business sales platform, has raised US$25m through an investment from Japan-based Mitsui Bussan. The business will use the funds to strengthen its market presence and further enhance technology capabilities. It also plans to expand its operations in Northern India, and to invest in credit, logistics and new technologies to improve customer experience. The platform stocks JSW Group subsidiary JSW Cement’s range of cement products. The Times of India newspaper has reported that Mitsui Bussan valued JSW One Platforms at US$336m.
JSW One Platforms CEO Gaurav Sachdeva said “There is a lot of distrust in the space and it’s highly fragmented. We want to be a one-stop shop for micro, small and medium-sized enterprises, with defined service level agreements and deliverables. We will be the fastest in the space to touch US$1bn in gross merchandise value.” Sachdeva added that he expects the platform’s sales to more than double to US$91.6m in the current, 2024, financial year, from US$36.6m in the 2023 financial year.
Indian industry only 8% female
09 March 2023India: India's 'core industries,' including cement, steel and fossil fuels, employ just 8% women across the total workforce. The Free Press Journal has reported that gender equality body UN Women found the proportion of women to be as low as 3.9% at UltraTech Cement. JSW Cement owner JSW Group employs 5.3% women. Meanwhile, Holcim, which left the Indian market in September 2022, operates with a 13% female global workforce.
Cement companies joined in celebrations of International Women's Day on 8 March 2023.
UAE: The Ministry of Climate Change and Environment (MOCCAE) and Emirates RDF have signed four memoranda of understanding (MOU) with Fujairah Cement Industries, JSW Cement, Lafarge Emirates and Star Cement to use alternative fuels produced by the Emirates RDF in the Umm Al Quwain Emirate in their manufacturing operations.
Emirates RDF’s plant treats and transforms municipal solid waste (MSW) from Umm Al Quwain and the emirate of Ajman into refuse derived fuel (RDF). The ministry said in a statement that MOUs are part of its support for integrated waste management projects that treat waste and transform it into economic resources in line with the Ministerial Decree No. 98 of 2019 on using RDF in cement factories. Cement plants in the UAE will be encouraged to meet 10% percent of their total thermal energy needs using RDF.
Mariam bint Mohammed Almheiri, Minister of Climate Change and Environment, said, “The participation of the private sector is a main pillar of the UAE’s green economy transition and the adoption of circular economy methods, the foremost of which is integrated waste management. The signing of the agreements with a group of leading cement factories in the country to partially use alternative fuel in their operations is a high-impact step within our efforts to implement integrated waste management and reduce harmful emissions.”
JSW Cement to build 5Mt/yr in new cement capacity in Madhya Pradesh and Uttar Pradesh
12 October 2022India: JSW Cement has announced a planned US$389m investment in the construction of a new integrated cement plant in Madhya Pradesh and a grinding plant in Uttar Pradesh. Together, the plants will have a cement capacity of 5Mt/yr.
The Economic Times newspaper has reported that JSW Cement's acquisition of Springway Mining has given it access to 106Mt of new limestone reserves, with a mining lease until 2065.
JSW Cement to acquire Springway Mining for US$57.9m
11 October 2022India: India Cements has agreed to sell Springway Mining to JSW Cement for US$57.9m. Springway Mining is currently building an integrated cement plant in Damoh, Madhya Pradesh, with dedicated limestone reserves in nearby Panna.
India Cements has received US$45.4m-worth of its payment for the business, and expect to receive the outstanding US$12.5m by 31 December 2022.