Ind-Ra upgrades JSW Cement's long-term issuer rating to 'IND A+'

Ind-Ra continues to take a consolidated view of JSW Cement Limited (JSWCL) and its subsidiaries - Shiva Cement Limited (Shiva, 59.3% stake); JSW Cement FZE (100%), JSW Green Cement Pvt Ltd (100%) and Utkarsh Transport Private Limited (100%) because of the strong operational and strategic linkages between the entities.

Ind-Ra has referred to the consolidated profile of JSWCL throughout the rating action commentary.

Furthermore, Ind-Ra has also considered the operational synergies between JSWCL and the JSW group and the likelihood of availability of financial support from the group, if needed.