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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

Ramco Cements Gets Andhra Pradesh Nod For Quartzite Mining

Approval covers inclusion of quartzite in Nandyal lease

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Ramco Cements Ltd has received approval from the Government of Andhra Pradesh to include quartzite mineral in its existing limestone mining lease in Nandyal district, the company said.

The approval allows Ramco Cements to undertake quartzite mining at Kalavataka and Kotapadu villages in Kolimigundla Mandal, Nandyal district. The company confirmed that the approval was granted on January 3, 2026.

The quantum of mineable quartzite reserves is yet to be assessed. The mineral is proposed to be used for the manufacture of manufactured sand, pozzolanic additives for the cement industry, and for other industrial applications that may be identified in the future.

According to the company, the approval will remain valid until March 10, 2053. The mining operations will be subject to compliance with all applicable terms and conditions under the Mines and Minerals (Development and Regulation) Amendment Act, 2015, along with guidelines and directions issued by the Government of India and the Government of Andhra Pradesh.

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ICRA Sees Steady Cement Demand Growth Ahead

Volumes seen rising 6–7 per cent in FY27 on infra push

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India’s cement industry is expected to record steady growth over the coming years, with cement volumes projected to expand by 6–7 per cent in FY27, supported by sustained demand from the housing and infrastructure sectors, according to a report by rating agency ICRA.

The agency said the sector is likely to maintain healthy momentum after registering growth of 6.5–7.5 per cent in FY26, despite a higher base in the second half of FY25. Cement demand remained strong in the current financial year, with volumes increasing by 8.5 per cent during the first eight months of FY26, driven by robust construction activity across regions.

ICRA expects demand to strengthen further in the second half of FY26 as construction activity accelerates after the monsoon. Continued government focus on infrastructure spending and the possibility of a reduction in goods and services tax on cement are also expected to support demand through FY26 and FY27.

Against this favourable demand backdrop, cement manufacturers are continuing to expand capacity through both organic and inorganic routes to strengthen their market positions. The industry is estimated to add 85–90 million tonnes per annum of capacity during FY26–FY27, including around 43–45 million tonnes per annum in FY26 and a further 42–44 million tonnes per annum in FY27.

Commenting on the outlook, Anupama Reddy, Vice President and Co-Group Head, Corporate Ratings at ICRA, said sector profitability is expected to improve significantly in FY26, supported by better pricing and higher volumes. Operating profit before interest, depreciation, tax and amortisation per tonne is projected to rise to around Rs 900–950 per tonne in FY26, compared with Rs 810 per tonne in FY25.

However, ICRA expects some moderation in earnings in FY27 due to rising input costs. Operating profit per tonne is estimated at Rs 880–930 in FY27, as costs related to pet coke and freight are likely to increase and remain influenced by global crude oil prices and geopolitical developments.

On a regional basis, North and Central India are expected to report capacity utilisation levels above the national average, while the southern region may continue to see relatively moderate utilisation due to existing capacity overhang. ICRA noted that recent merger and acquisition activity in the southern market has helped large players strengthen their regional and pan-India presence.

Overall capacity utilisation for the cement industry is projected to remain stable at around 70–71 per cent in FY27, broadly in line with FY26 levels, albeit on an expanded capacity base.

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GCCA India–NCB Carbon Uptake Report Released at NCB Foundation Day

New report highlights CO? absorption by concrete in Indian conditions

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The Global Cement and Concrete Association (GCCA) India–NCB Carbon Uptake Report was recently released during the 63rd Foundation Day celebrations of the National Council for Cement and Building Materials (NCB). On the occasion, a Gypsum Board Testing Laboratory and a Micro-Characterisation Laboratory were also inaugurated, strengthening India’s research and quality infrastructure for construction materials.

The laboratories were inaugurated by Urmila, Economic Advisor, Department for Promotion of Industry and Internal Trade (DPIIT), and Mohd. Kamal Ahmad, Special Director General, Central Public Works Department (CPWD), in the presence of L. P. Singh, Director General, NCB.

The newly established Gypsum Board Testing Laboratory will support quality assurance and standardisation requirements of the gypsum board industry, particularly in the context of the Gypsum-Based Building Materials (Quality Control) Order, 2024. The Micro-Characterisation Laboratory is equipped with advanced analytical tools for detailed investigation of cementitious and construction materials.

Addressing the gathering, Ms Urmila highlighted NCB’s sustained contributions to research, technology development, quality assurance and capacity building for the cement sector. Shri Mohd. Kamal Ahmad also commended NCB’s role in promoting sustainable construction practices through focused research and development.

The GCCA India–NCB report titled Carbon Uptake by Concrete assesses CO? uptake through carbonation in concrete under Indian conditions. Prepared in collaboration with the Global Cement and Concrete Association (GCCA) India, the study is based on the Tier-I methodology of IVL Swedish Environment Research Institute. It notes that while the cement industry contributes around seven per cent of global anthropogenic emissions, carbon uptake by concrete can partially offset process-related emissions.

The report outlines future actions to improve data robustness, refine estimation methodologies and support integration of carbon uptake into national sustainability and climate reporting frameworks. It will be submitted to the Ministry of Environment, Forest and Climate Change for consideration of inclusion as a carbon sink in India’s National Communications to the UNFCCC.

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