SBI picks up minority stake in Sajjan Jindal-led JSW Cement for Rs 100 cr

The capital will support JSW Cement's capacity expansion to 25 million tonne annually.

Sajjan Jindal-led JSW Cement said on Tuesday State Bank of India (SBI) has acquired a minority stake in the cement company by investing Rs 100 crore via compulsorily convertible preference shares (CCPS).

The conversion of such CCPS into common equity of the company will be linked to the JSW Cement’s business performance and valuation at the time of the proposed initial public offering, said JSW in a press release.

"Financing our growth and expansion strategy with investment from a banking partner such as SBI sets us up very well for our planned IPO in the next 12-18 months. We look