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Sajjan Jindal's JSW Steel is in talks to secure a $750 million loan to fuel its capital expenditure plans as it embarks on a significant capacity expansion, sources familiar with the matter revealed.
JSW Steel Ltd., a key entity within the $23 billion JSW Group, is reaching out to potential lenders, with a mandate expected to be formalised in the coming days, according to insiders who preferred anonymity due to the confidential nature of the information. Details about the loan's duration and terms will be determined as the transaction proceeds.
The Mumbai-headquartered company's requirement for additional funds has intensified as it sets its sights on nearly doubling its steel production to 50 million tonnes by the end of the decade, driven by escalating demand in sectors such as construction, energy, and automobiles. Recently, JSW Steel commenced work on a $7.8 billion project in eastern India, and it is reportedly vying for a 20% stake in Whitehaven Coal Ltd.'s Blackwater coal mine.
JSW Steel has not responded to Bloomberg News' request for comment on the proposed fundraising initiative.
In January, JSW's board sanctioned raising 20 billion rupees ($241 million) through bond issuances. Despite a fivefold increase in profit for the December quarter compared to the previous year, analysts have expressed concerns about the company's mounting debt. As per filings, net debt surged nearly 14% to 792.21 billion rupees by the end of December year-on-year, although the net debt to EBITDA ratio declined from 3.51 to 2.64 times.
JSW Steel belongs to the O.P. Jindal family, headed by matriarch Savitri Jindal, regarded as Asia's wealthiest woman with a fortune of $28.9 billion. While her wealth stems from the businesses of her four sons, a significant portion is attributed to JSW Group companies.
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