Displaying items by tag: State Bank of India

India: UltraTech Cement has obtained a $500m sustainability-linked loan from Sumitomo Mitsui Banking Corporation, State Bank of India, BNP Paribas and other lenders. Capital Market News has reported that the conditions for the loan align with UltraTech's 2050 Net-Zero Roadmap. Under the roadmap, the subsidiary of Aditya Birla Group aims to reduce its Scope 1 CO₂ emissions per tonne of cementitious material by 27% between 2017 and 2032, and to raise its reliance on renewables to 85% of its energy consumption by 2030.

UltraTech Cement previously issued sustainability-linked bonds in 2021.

India: Ambuja Cements’ minority shareholder GQG Partners has increased its stake in the company from 1.4% to 2.4%. The value of the newly acquired shares was US$200m, the New Indian Express newspaper has reported. Other recent investors in the company, following a divestment of 2.8% of shares by its parent, Adani Group, include the Indian National Pension System Trust and SBI Life Insurance. They bought total shares worth US$62.6m and US$59.6m respectively. Following the deals, majority shareholder Adani Group now holds an 67% stake in Ambuja Cements.

India: Jaypee Group subsidiary Jaiprakash Associates is reportedly seeking to sell its remaining assets after receiving a new insolvency bid from State Bank of India. The Times of India newspaper has reported that the company has previously sold US$4.92bn-worth of assets to pay off debts.

Jaiprakash Associates chair and chief executive officer Manoj Gaur said "We have kept faith in the law of the land and helped maximise recoveries of the bank. The setback is due to circumstances and issues such as the UltraTech deal. Our intent is to clear all the dues.”

The producer failed to sell a cement plant to UltraTech Cement under a US$2.05bn, 21.2Mt/yr cement capacity deal in 2017.

India: State Bank of India (SBI) has acquired a minority stake in JSW Cement with worth US$13.2m. The bank acquired the stake as compulsorily convertible preference shares. JSW Cement plans to add the capital infusion to its on-going investments in a planned 79% expansion of its total capacity to 25Mt from 14Mt.