JSW to bid in partnership with a global PE player for Binani Cement today

If the bid for Binani is successful, it will not be consolidated into JSW Cement's books immediately

JSW Cement will make a bid on Monday in partnership with a global private equity (PE) player for debt-laden Binani Cement. 

The bid deadline for Binani is Monday.

JSW Cement managing director Parth Jindal said the PE entity would have a majority in the proposed entity. He declined to divulge the name. He also said the bidding for Binani was expected to be aggressive, as at least 11 companies were likely to put bids. Lenders had extended the bid deadline in the wake of interest from suitors. 

Binani has annual capacity of 11.25 million tonnes, of which six mt is in India. It