The announcement comes after a series of developments surrounding the company’s IPO plans, which faced delays earlier this year.
JSW Cement had initially filed draft papers for an IPO in August 2024, intending to raise up to ₹4,000 crore through the offering, with a mix of fresh shares and an offer for the sale of existing shares. The funds were planned to be used for expanding a cement-making unit in Nagaur, Rajasthan, and to settle some of the company’s outstanding debts.
However, the Securities and Exchange Board of India (SEBI) placed a hold on the $477 million IPO on September 2, 2024, delaying the listing process. According to some reports, this was done due to an old case involving Jindal and his siblings.
According to a Moneycontrol report, SEBI is investigating a potential regulatory violation related to the inter-se transfer of investments owned by Hexa Securities and Finance Co., a company where several members of the Jindal family, including Sajjan Jindal, held director positions.
On Wednesday, however, Jindal indicated that despite earlier setbacks, the company is now focused on moving forward with the IPO by January 2025.
Apart from the cement sector, Jindal also expressed interest in potential investment opportunities in the Indian steel sector. He specifically mentioned that JSW Group would be keen to explore opportunities in NMDC and Rashtriya Ispat Nigam Limited (RINL) “as and when the government decides to sell its stake in these companies”.
On the electric vehicle (EV) front, Jindal clarified that while the company had no plans to enter the two-wheeler segment, it would focus on the four-wheeler EV space.
“India desperately needs new energy vehicles. India needs new aggressive players to shake up this industry and bring vehicles faster. India will produce 6-7 million cars by 2030 and a million of them will be under the JSW umbrella,” he said, adding that the company is in talks with other countries for transfer of technology as well as doing R&D within JSW group to build EV tech.
Additionally, Jindal provided an update on JSW Energy’s bid for KSK Mahanadi Power, which is currently awaiting final approval from the Committee of Creditors (CoC).
“The CoC has to take a decision on JSW Energy’s bid for KSK Mahanadi. If everything goes well, it may take 3-4 months to close the deal with KSK Mahanadi. If things don’t go well and litigation continues, it may take longer,” he said.
On Bhushan Power merger delays, he said the company expects a decision to come through very soon from the Supreme Court.
