Castings maker Jayaswal Neco raises Rs.3,200-Cr from Kotak Fund

Kotak Strategic Situations India Fund II, managed by Kotak Alternate Asset Managers Ltd, has led an INR 3,200 crore investment in Nagpur-based Jayaswal Neco Industries Ltd (JNIL) by purchasing non-convertible debentures (NCDs) issued by the company. Of the total investment, KSSF II has contributed INR 1,500 crore. JNIL, promoted by Arvind Jayaswal and Ramesh Jayaswal, is a large producer of iron and steel castings, pipes and fittings. It has interests in the specialty auto-grade alloy steel segment, primarily focused on the commercial vehicles segment. It owns and operates a steel plant of 1 mtpa capacity in Chhattisgarh. JNIL was among the 28 companies that were part of the RBI's second list of defaulters sent to banks in 2017 for debt resolution.