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JSW Steel had reported that it plans to enhance its capacity from the present 7.8MT to 32MT by 2020, and for that an investment 0f Rs750billion is being planned. They want to expand their brownfield and Greenfield capacity to
32MT.
Indian Ocean Mining Ltd, South Africa (IOM) and Osho Venture FZCO, Dubai is now working together with JSW Energy to give JSW access to get 70% of Osho and IOM. IOM who has right for control of coal mines in north west South Africa did not announce the cost of the deal. “The MOU is part of the strategy to enhance fuel security for which JSW Energy is continuously evaluating various strategies and proposals to secure long-term imported coal linkages.
JSW Steel has offered to give out warrants to reduce debt and to reduce finance capex plans. JSW is India’s third-biggest steelmaker. The warrants are convertible into shares.
The 1.75 Crore warrants are said to create almost Rs. 2,100 Crore by Sebi regulation.
JSW stated that in 18 months the warrants will be convertible into equity shares and will increase the stake promoters have by almost 5% to 49.7%.
JSW found coal reserves in the U. S. and proposes to buy 123 million tonne worth of coal resources.
JSW Energy, a part of Jindal South West (JSW) group headed by Sajjan Jindal, has received SEBI (Securities Exchange Board of India) nod for IPO (initial public offering), sources told CNBCTV18.
JSW Energy receives SEBI nod for IPO: Sources is a post from: First Blog for Indian Financial Market
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