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JSW scouting alliances for its cement business
Nov, 24 2009
(Mumbai, India) -- JSW Steel is actively seeking alliances for its cement and aluminium business. It is reported that the group has been approached by international aluminium companies for a joint venture.
However, the group declined to name ay companies JSW is in talks with.
Seshagiri Rao, joint managing director and group CFO, JSW Steel, said "I am not denying talks with other cement makers for a possible alliance".
JSW Cement, which looks after the group's cement business, was set up in 2007. The group’s cement firm JSW Cement Ltd is a fully-owned subsidiary of the holding company. In July, this year, the group announced its plans to set up 30 million tonnes (mt) of cement capacity at an initial cost of Rs3,000 crore.
In 2005, JSW Holdings, which earns most of its revenues from steel, had announced plans to cement plants in Karnataka and Andhra Pradesh. The cement plants were to be built near its existing cement plants in Vijaynagar (Karnataka), West Bengal and Jharkhand, and adjacent to the coal-based power plants.The total investment earmarked was nearly Rs3,000 crore.
The group now has plans of setting up a 4.5 million tonne slag-based clinker in Andhra Pradesh. The 1,900 crore project is likely to be completed by 2011.
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