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Board of JSW Steel approves strategic investment of Rs 96 cr in Neotrex Steel

Capital Market 

At meeting held on 01 October 2021

The board of JSW Steel has approved to make a strategic investment of up to Rs 96 crore in Neotrex Steel which is setting up a low relaxation pre-stressed concrete strands facility with an annual capacity of 1,44,000 TPA at an estimated project cost of Rs 340 crore which is proposed to be funded by way of equity and compulsorily convertible debentures (CCDs) in aggregate of Rs 120 crore and balance by external debt of Rs 220 crore. JSW Steel will be contributing 80% of this equity and CCDs aggregating Rs 96 crore.

LRPC strands finds application in almost all types of heavy duty industrial construction, high-rise buildings, infrastructure projects including construction. The project is expected to be commissioned by April 2023.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Sat, October 02 2021. 16:08 IST
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