JSW Cement Partners With New Investors to Accelerate Growth
India-based JSW Cement has entered into definitive agreements to raise up to INR15.000bn from two global private equity investors, Apollo Global Management Inc (through its managed funds) and Synergy Metals Investments Holding Ltd.
India-based JSW Cement has entered into definitive agreements to raise up to INR15.000bn from two global private equity investors, Apollo Global Management Inc (through its managed funds) and Synergy Metals Investments Holding Ltd. The transaction is a structured private equity deal wherein compulsorily convertible preference shares (CCPS) are being issued to the investors and the conversion of such CCPS into common equity of the company will be linked to the company’s future performance and valuation determined at the time of the initial public offering (IPO). This investment will help JSW Cement accelerate its capacity expansion from current 14Mta to 25Mta. The Competition Commission of India has recently approved the transaction by Synergy Metals Investment Holding Ltd. Apollo’s transaction is subject to customary closing conditions including regulatory approval.