Construction Infrastructure
Synergy Fund, Apollo Global to invest Rs 1,500 cr in JSW Cement
Apollo Global Management is doubling down on Sajjan Jindal led JSW Group, joining Synergy Metals Investments for a Rs 1500 crore capital raise in the conglomerate’s cement business run by his son Parth, to fund its growth plans to become a 25 million tonnes scaled operations, said people in the know. The capital raise coincides with an uptick in demand from real estate and construction after lockdown resulting in most cement stocks outperform the Nifty over the past month and past year.
The Competition Commission of India (CCI) approved the stake acquisition in JSW Cement by Synergy Metals Investments Holding, a Dubai-based investment fund, under the green channel route. Green channel is an automatic approval system, whereby a combination is deemed to have been approved by the CCI upon receiving the filing of the notice for the combination by the parties concerned. Private equity funds Apollo Global Management and Advent International are also in the race, the source said. When contacted, JSW Cement declined to comment on the development. JSW Cement had already drawn an ambitious plan to expand its combined cement capacity to 25 million tonnes by 2023 at a capex of Rs 3,600 crore. The company is in process of raising around Rs 1,500 crore through PE route by this fiscal.
News Source : Construction World
Construction Infrastructure
The Adani Enterprises unit has received a letter of approval for an NH project in Maharashtra
Adani Road Transport Ltd (ARTL), a wholly owned subsidiary of Adani Enterprises, has received LoA for a project involving six laning of Kagal-Satara section of NH-48 (old NH4) in Maharashtra. The project will be executed under the Bharatmala Pariyojana at ₹2,008.47 crores. The construction period for the 67-km long road project is expected to be 2 years from the date of appointment and the concession period will be 18 years.
With this project award, Adani’s road portfolio will have total 14 projects with more than 5,000 lane km with asset value exceeding ₹41,000 crore spread across India.
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