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JSW Cement Ltd, a part of Sajjan Jindal’s $11 billion JSW Group, will partner with a global private equity (PE) player to bid for debt-laden Binani Cement on Monday.
According to Parth Jindal, MD, JSW Cement, as many as 11 players including Ultratech and Dalmia are likely to bid for Binani Cement, which has a production capacity of close to 11 million tonnes (mt), of which nearly 6 mt is in India. Binani also has a grinding unit in Dubai and a plant in China.
Binani has secured and unsecured debt to the tune of around Rs 4,500 crore.
“There are a lot of bidders and this is going to get aggressive because nobody wants to leave these assets; we would not want to leave these assets,” Jindal told newspersons at a press conference at Salboni, approximately 160 km from Kolkata on Sunday.
This apart, JSW Cement will also bid for Kalyanpur Cements Ltd a stressed firm also referred to the National Company Law Tribunal (NCLT). The company has an annual capacity of 1 mt.
Brownfield expansion
JSW Cement is looking to increase the production capacity in West Bengal to 3.6 mt per annum, up from the current 2.4 mt at an estimated investment of Rs 300 crore. The company has already invested close to Rs 800 crore in 2.4 mt grinding plant at Salboni.
It will also invest close to Rs 100 crore for setting up a 18 MW captive power plant.
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