Companies

JSW Infrastructure gets credit ratings upgrade

Our Bureau Mumbai | Updated on September 16, 2021

Aims to expand capacity through a balanced mix of bulk, container and liquid cargo

JSW Infrastructure, a unit of JSW Group, has received an upgrade in its credit ratings by ICRA, CARE and India Ratings.

ICRA has assigned a long-term rating of [ICRA] AA-(Stable) to JSW Infrastructure’s bank facilities of ₹250 crores, the company said.

Also see: JSW Steel launches digital drive to upgrade factories

CARE Ratings has revised its ratings on the long-term bank facilities availed by subsidiaries of JSW Infrastructure.

CARE revised ratings of JSW Jaigarh Port and JSW Dharamtar Port from CARE A+ Stable to CARE AA-Stable. It also revised its ratings of long-term debt for South West Port, JSW Paradip Port Terminals from CARE A+ to CARE AA-(CE). It has reaffirmed its CARE A1+ ratings on short-term bank facilities of JSW Infrastructure and its subsidiaries. The long-term debt facilities currently rated by CARE Ratings amount to ₹3,707 Crore.

India Ratings has assigned IND AA-Outlook Stable to JSW Jaigarh Port’s debt facilities amounting to ₹340 crore.

Capacity expansion

JSW Infrastructure has presence in Maharashtra, Goa, Karnataka, Tamil Nadu and Odisha, which are the primary hinterlands of cargo origination. These states have strategic value for JSW Group as well as for third party cargo customers.

The company aims to expand capacity through a balanced mix of bulk, container and liquid cargo. This capacity expansion will be achieved through organic as well as through acquisition of assets in these locations that are strategically aligned with the Company’s long-term business goals.

The planned ramp-up will enable JSW Infrastructure to reach its target of 200 million tonnes of cargo-handling capacity and a utilization of over 60 per cent. It is currently in the process of commissioning its new terminal at Paradip port.

Published on September 16, 2021

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