Bhubaneswar: More than Rs 1,500 crore will be invested in Sundergarh district on behalf of JSW Group Cement, JSWW Cement6. The company has in the past acquired a local company called Shiva Cement. Shiva Cement has a 1.38 million tonne clearance unit in Sundargarh, a grinding unit with a capacity of 1 million tonnes, a 6 MW Waste 4 Heat Recovery Power Plant, a 10-tonne-laden carpenter and a 10-tonne truck. A 12 km long railway line will be set up to Sagra station. Partha Jindal, Managing Director of Jindal Cement, informed about this in a virtual press conference today. The company will raise funds for the project from both its own sources and in the form of loans. He said the company would make a profit of Rs 1,150 crore by issuing shares of Rs 150 crore and issuing the remaining funds to Wright4. He said some regulatory and legal approvals for the project to be set up in Sundargarh had already been received, while other approvals would be obtained soon. Through the cement to be produced from the plant, the company will meet the needs of all parts of eastern India, including the markets of western Odisha and Jharkhand. The project will create about 500 direct and indirect employment opportunities, he said. The construction of the Shiva Cement Clinker project has been assigned to ThaisenCroup Industries India and L&T. Thaisencrup will install a clinkerization unit. Other L4s will perform civil, mechanical and refractory work. By 2023, Jindal Cement aims to increase its production capacity to 25 million tonnes per annum, which is now around 16 million tonnes. The company will invest Rs 3,600 crore for this. The company plans to raise funds from private equity funds. The company plans to enter the stock market by December 2022 and earn Rs 2,500 crore by disrupting its 10 per cent stake through the Initial Public Offer (IPO).
