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Kotak Strategic Situations India Fund II (KSSF II) on Thursday said that it has led the ₹3,200 crore investment in Jayaswal Neco Industries Limited (JNIL) in the form of non-convertible debentures (NCDs).
This Alternate Investment Fund, which is managed by Kotak Alternate Asset Managers Limited (KAAML), has invested ₹ 1,500 crore in JNIL, thus helping the company refinance its existing debt of ₹3,200 crore. The other investors in this financing transaction include Global Pension Funds.
KSSF II has invested ₹1,500 crore from its $1.25 billion fund.
Eshwar Karra, CEO - Kotak Strategic Situations India Fund, KAAML said, “We are happy to take the lead in refinancing JNIL debt. The investment in JNIL aligns with our fund’s objective of providing solution capital to businesses with a positive outlook”.
The Indian steel sector and the commercial vehicles segment will be the key drivers to India’s continuing growth in the future, he added.
JNIL is promoted by Arvind Jayaswal and Ramesh Jayaswal and is a major player in the specialty auto grade alloy steel segment and primarily focused on the commercial vehicles segment. It owns and operates a 1 MTPA fully integrated steel plant in Chhattisgarh.
KSSF-II currently has announced the first close of $ 1.25 billion (about ₹ 10,200 crore) to provide strategic solutions capital across growth and value companies.
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