 "JSW Cement to invest Rs 3,000 cr for new manufacturing unit in Rajasthan")
JSW Cement will invest around Rs 3,000 crore to set up a new cement manufacturing factory in Nagaur district of Rajasthan, said the Sajjan Jindal company on Tuesday.
The investment includes a clinkerisation unit of up to 3.30 million tonnes per annum (MTPA) and a grinding unit of up to 2.50 MTPA, along with an 18 megawatt (MW) waste heat recovery-based power plant, said the company, referring to manufacturing processes.
The proposed investment for the greenfield and integrated facility will be funded through equity and long-term debt.
JSW Cement has received some regulatory and statutory approvals and is set to obtain other clearances. The unit will mark the company’s entry into the North India cement market and is expected to create more than 1,000 direct and indirect jobs, said the company in a press statement.
“This is one of the most significant investments we are making in Rajasthan through our cement business. It puts JSW Cement firmly on its path to achieving a pan-India footprint within the next few years. This will enable us to service the prolific needs of our customers in the northern states of Rajasthan, Haryana, Punjab, and the NCR (National Capital Region),” said Parth Jindal, managing director of JSW Cement.
About the North India market, Nilesh Narwekar, chief executive officer of JSW Cement, said, “These states have one of the highest GDP growth rates and are witnessing significant infrastructure and housing development. We are very excited to be able to enter this booming construction market.”
The company, in August, announced plans to expand capacity from 19 MTPA to 60 MTPA in five years. It plans an initial public offering in 2024 and proceeds from it will fund the planned expansion.
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PLACING BETS
- The investment includes a clinkerisation unit of up to 3.30 MTPA and a grinding unit of 2.50 MTPA, along with an 18 Mw waste heat recovery-based power plant
- This will be funded through equity and long-term debt
- The new unit will mark JSW Cement’s entry into the North India cement market
- It is expected to create over 1,000 jobs