 "IPO")
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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