 "JSW Cement pushes back IPO plans by two years to December 2022")
JSW Cement has pushed back its plans for an initial public offering by two years to around December 2022 due to slowdown and COVID-19 disruptions, a top company official said on Wednesday.
The company had already drawn an ambitious plan to expand its combined cement capacity to 25 million tonne by 2023 at a CapEx of Rs 3600 crore.
"In 2019, the sector had degrowth, in 2020 Covid hit us. Now December 2022 is a logical timeline for us for the IPO," JSW Cement managing director Parth Jindal said at a virtual briefing to announce expansion of Shiva Cement, in Odhisa.
The company, part of the $14 billion JSW Steel Group to bridge the gap was in process of raising Rs 1000-1500 crore through PE route by this fiscal, Jindal said.
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