SBI invests Rs.100-Cr in JSW Cement

The State Bank of India (SBI) has acquired a minority stake in JSW Cement Ltd, with an investment of INR 100 crore in the company via compulsorily convertible preference shares (CCPS). Part of the diversified USD 13 Billion JSW Group, JSW Cement has manufacturing units in Vijayanagar in Karnataka, Nandyal in Andhra Pradesh, Salboni in West Bengal, Jajpur in Odisha, and Dolvi in Maharashtra. JSW Cement has increased its capacity from 6 MTPA to 14 MTPA and is now working towards achieving the 25 MTPA milestone over the next 24 months. The SBI transaction comes close on the heels of the INR 1,500 crore investment made by two global private equity investors, Apollo Global Management and Synergy Metals Investments Holding Ltd, earlier this year.