JSW eyeing distressed Indian port assets
Indian conglomerate, JSW Group, is looking to buy debt-laden port assets in the country as part of a strategy to expand its ports capacity, according to a report by Reuters news agency.
Chief financial officer, Seshagiri Rao, told Reuters that JSW Infrastructure, the company’s ports unit, plans to increase the current capacity of 33m tonnes to 200m tonnes by 2020.
At the same time the company, which operates in the steel, energy, minerals, cement, and port and infrastructure sectors, also plans to cut debt at its steel unit.
According to the Reuters report, the group is one of India’s most indebted conglomerates, having borrowed heavily in recent years to expand its steel and power businesses. These sectors have been hit by a slowdown in India’s economy, as well as regulatory bottlenecks.