Chair of country’s biggest steelmaker says Narendra Modi supported ‘nationalistic’ companies
Indian industrialist Sajjan Jindal’s steel-to-energy conglomerate JSW Group will make a $7bn bid for Holcim’s India subsidiaries as the Swiss cement group seeks to divest from international assets.
Jindal said in an interview that JSW would offer $4.5bn in its own equity and $2.5bn from undisclosed private equity partners for Holcim’s Indian assets Ambuja Cement and ACC.
Surging post-pandemic demand and the Ukraine war have pushed prices for the steelmaking commodity to record highs, with Australian coking coal hitting $590 a tonne in March, according to data provider CoalMint.
Read more: FT
