JSW Cement Secures Rs 400 Cr From MUFG Bank, Plans To Meet Capex
The company is planning to utilise the fund for capital expenditure to achieve its annual capacity target of 25 million tonne.
JSW Cement raised Rs 400 crore from as its first sustainability-linked loan MUFG Bank India, said an official on 3 October.
The company is planning to utilise the fund for capital expenditure to achieve its annual capacity target of 25 million tonne by FY25, according to a statement.
It is company’s first sustainability-linked loan in the credit line. Whereas it is MUFG Bank India’s first transaction undertaken out of its new IFSC unit branch launched in August 2022 in the Gift City, the statement said.
Managing Director of JSW Cement, Parth Jindal said that the funds will allow the company to meet its goal of 25 million tonne per annum capacity by FY25. Also, it forms part of environmental, social, and governance (ESG) objectives.
JSW Cement caters installed capacity of 17 million tonne across its units at Vijayanagar in Karnataka, Nandyal in Andhra Pradesh, Salboni in West Bengal, Jajpur in Odisha and Dolvi in Maharashtra.
Shiva Cement, along with a 1 million tonne grinding unit, is investing Rs 1,500 crore in a 1.36 million tonne clinker unit in Sundergarh district of Odisha. Shiva Cement is the subsidiary company of JSW Cement.
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