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JSW Cement aims to launch Rs 4,000-crore IPO in Jan 2025

SEBI had put the IPO on hold in September.

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JSW Cement plans to launch its Rs 4,000-crore initial public offering (IPO) in January 2025, according to JSW Group chairman Sajjan Jindal. The Securities and Exchange Board of India (SEBI) had previously paused the IPO in September 2023.

The IPO will consist of two parts: a fresh issue of equity shares worth Rs 2,000 crore and an offer-for-sale (OFS) of Rs 2,000 crore by existing shareholders. Under the OFS, AP Asia Opportunistic Holdings Pte. Ltd and Synergy Metals Investments Holding Ltd will each sell shares worth Rs 937.5 crore, while the State Bank of India (SBI) will divest shares valued at Rs 125 crore.

The company intends to use Rs 800 crore of the proceeds from the fresh issue to help finance the establishment of a new integrated cement plant in Nagaur, Rajasthan. An additional Rs 720 crore will be allocated for debt repayment, with the remaining funds earmarked for general corporate purposes.

JSW Cement, which currently has a manufacturing capacity of 19 million tons per annum (MTPA), aims to increase this to 60 MTPA. Its existing manufacturing units are located in Vijayanagar (Karnataka), Nandyal (Andhra Pradesh), Salboni (West Bengal), Jajpur (Odisha), and Dolvi (Maharashtra). Additionally, through its subsidiary Shiva Cement, the company operates a clinker unit in Odisha.

JSW Group has a diverse business portfolio spanning sectors such as steel, energy, maritime infrastructure, defense, B2B e-commerce, real estate, paints, sports, and venture capital. The group’s last IPO was that of JSW Infra.

Concrete

JSW Cement Commissions Nagaur Plant, Enters North India

New Rajasthan unit boosts capacity to 24.1 MTPA and expands reach

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JSW Cement has strengthened its national presence by commencing production at its greenfield integrated cement plant in Nagaur, Rajasthan, marking its entry into the north Indian market.
With this commissioning, the company’s installed grinding capacity has increased to 24.1 MTPA, while total clinker capacity, including its joint venture operations, stands at 9.74 MTPA.
The Nagaur facility comprises a 3.30 MTPA clinkerisation unit and a 2.50 MTPA cement grinding unit, with an additional 1.00 MTPA grinding capacity currently under development. Strategically located, the plant is positioned to serve high-growth markets across Rajasthan, Haryana, Punjab and the NCR.
The project has been funded through a mix of equity and long-term debt, with Rs 800 crore allocated from IPO proceeds towards part-financing the unit.
Parth Jindal, Managing Director, JSW Cement, stated that the commissioning marks a key milestone in the company’s ambition to become a pan-India player. He added that the project was completed within 21 months and positions the company to achieve its targeted capacity of 41.85 MTPA by FY29.
Nilesh Narwekar, CEO, JSW Cement, highlighted that the expansion aligns with the company’s strategy to tap into rapidly growing northern markets driven by infrastructure development. He noted that the company remains focused on delivering high-quality, eco-friendly cement solutions while progressing towards its long-term capacity goal of 60 MTPA.
The Nagaur plant has been designed with sustainability features, including co-processing of alternative fuels and a 7 km overland belt conveyor for limestone transport to reduce road emissions. The facility will also incorporate a 16 MW Waste Heat Recovery System to improve energy efficiency and lower its carbon footprint.
JSW Cement, part of the JSW Group, operates across the building materials value chain and currently has eight plants across India, along with a clinker unit in the UAE through its joint venture.

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Concrete

Cement Prices Likely To Rise As Petcoke Costs Increase

Nuvama warns input costs may lift prices by early April 2026

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A report by Nuvama Wealth Management said cement prices in India could rise by the end of March or early April 2026 as producers face higher input costs linked to crude oil. The report identified rising petroleum coke and packaging material costs as principal drivers of upward pressure on production expenses. Petroleum coke, a fuel used in cement manufacturing, rose by about 13 per tonne (t) in US dollar terms in February 2026, a change that could be passed on to buyers. Producers may adjust prices later in the quarter to protect margins.

Cement demand remained stable during February and March 2026, supported by ongoing construction and infrastructure activity, and earlier price increases on non-trade sales were largely reversed by the end of February. Retail prices remained broadly steady through March in most regions. The persistence of demand may allow firms to manage price adjustments rather than apply uniform increases. Market responses will vary by region and logistical cost pressures.

Nuvama said that stock performance of cement companies will likely be influenced by the path of cement prices and petroleum coke costs in the coming weeks. Rising input costs including crude linked fuels and packaging may squeeze profit margins and prompt firms to monitor pricing and demand closely. The balance between input inflation and end demand will determine whether companies absorb costs or transfer them to customers. Analysts will watch forthcoming quarterly results for evidence of margin pressure or successful cost pass through.

Government capital expenditure showed moderation, with overall capex declining 24 per cent year-on-year to around Rs 2 trillion (Rs 2 tn) in January 2026 and cumulative capex from April 2025 to January 2026 at about Rs 20 trillion (Rs 20 tn), up eight per cent year-on-year. The report noted that real estate launches fell 44 per cent year-on-year in January 2026, and overall healthy demand could still be offset by rising crude linked input costs that may push cement prices higher by late March or early April 2026.

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Concrete

IIT Guwahati Develops Radiation-Resistant Cement Mortar

Modified mortar offers structural strength and radiation shielding

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Researchers at the Indian Institute of Technology Guwahati (IIT Guwahati) have developed a cement mortar that is stronger, more durable and more effective at blocking harmful radiation for nuclear facilities. The modified mortar is designed to act as both a structural component and a radiation shielding barrier by increasing density and durability to limit radiation penetration. Concrete made with the enhanced mortar is expected to reduce the risk of radiation leakage and to support protective structures over extended periods.

To achieve this, the team incorporated four types of microparticles into the cement mortar: boron oxide, lead oxide, bismuth oxide and tungsten oxide. These microparticles were added in small quantities to assess their impact on compressive strength after 28 days and on the material’s ability to shield mixed radiation fields comprising gamma rays and neutrons. The study reported distinct effects for each microparticle, indicating trade-offs between mechanical strength, workability and radiation attenuation.

Professor Hrishikesh Sharma of the Department of Civil Engineering at IIT Guwahati said the safety of nuclear infrastructure depends on the performance of containment materials under extreme mechanical and radiation environments and that the study showed microparticle modifications can improve structural integrity and shielding. The research offers a framework for developing cement-based materials for nuclear power plants, small modular reactors and medical radiation facilities by enhancing resistance to heat, structural loads and radiation. The study was published in Materials and Structures and was co-authored by Professor Sharma, research scholar Sanchit Saxena and Dr Suman Kumar of CSIR-Central Building Research Institute, Roorkee.

Future work will scale up the developed mortar to a full concrete mix design, conduct structural-level testing of reinforced concrete elements and optimise microparticle dosage to balance mechanical strength, workability, durability and shielding performance. The team is seeking collaborations with nuclear energy agencies, material manufacturers and infrastructure firms for real-world testing and pilot applications. These steps aim to validate performance under simulated field conditions and support safer, more resilient nuclear infrastructure.

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