JSW Cement Limited and its subsidiary, Shiva Cement Limited, have received credit rating upgrades from Crisil Ratings Limited, marking a significant milestone for both companies in terms of their financial standing and creditworthiness.

JSW Cement's Credit Rating Upgrade

JSW Cement Limited received credit rating upgrades from Crisil Ratings Limited across multiple financial instruments. The details are as follows:

Shiva Cement's Credit Rating Revision

Concurrently, Shiva Cement Limited, a subsidiary of JSW Cement, also received a credit rating revision from Crisil Ratings Limited. The details of the rating revision for Shiva Cement's bank loan facilities are as follows:

The total amount of bank loan facilities rated for Shiva Cement stands at ₹1,066.00 crore.

Implications and Outlook

The credit rating upgrades for both JSW Cement and Shiva Cement reflect an improvement in their financial profiles and credit quality. These revisions may potentially lead to:

1. Enhanced credibility in the financial markets
2. Improved ability to raise capital at more favorable terms
3. Increased investor confidence in the companies' financial stability

Both companies have duly informed the stock exchanges about these rating revisions, adhering to the regulatory requirements under the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Investors and stakeholders can access the detailed rating rationales on Crisil's website for a comprehensive understanding of the factors contributing to these rating actions.

JSW Cement , a part of the US$23 billion JSW Group, has strengthened its presence in Eastern India by commissioning a new cement grinding unit in Sambalpur, Odisha. This strategic move aligns with the company's goal to meet the growing demand in the region and solidify its market position.

Key Highlights

• Capacity Expansion: The new state-of-the-art facility adds 1.0 Million Tonnes Per Annum (MTPA) to JSW Cement's grinding capacity.
• Total Capacity: With this addition, JSW Cement's total grinding capacity, including its subsidiaries, has reached 21.6 MTPA.
• Strategic Location: The unit is situated at the geographical border of Odisha, Chhattisgarh, and Jharkhand, providing easy access to raw materials.
• Funding and Operation: The facility is funded and supervised by Shiva Cement, a majority-owned subsidiary of JSW Cement, through a commercial arrangement with Bhushan Power and Steel Limited (BPSL).

Market Implications

The expansion comes at a time when Eastern India is poised for significant growth, particularly in the manufacturing and infrastructure sectors. Odisha, in particular, is playing a crucial role in the region's industrial and economic development.

Nilesh Narwekar, Chief Executive Officer of JSW Cement, commented on the strategic importance of this expansion, stating, "This new state-of-the-art facility in Sambalpur is a strategic initiative by JSW Cement and marks a significant milestone in our journey to expand and consolidate our position in this market."

Environmental Considerations

JSW Cement continues to maintain its position as an environmentally conscious player in the industry:

• The company reports the lowest carbon dioxide emission intensity in the industry, at 277 kg CO2 per ton of cementitious materials.
• The new facility is expected to further consolidate and expand JSW Cement's eco-friendly footprint.

Future Outlook

JSW Cement has ambitious plans for further expansion:

• The company aims to achieve a pan-India presence with a target of 41.85 MTPA grinding capacity and 13.04 MTPA clinker capacity.
• Work is ongoing on the Nagaur integrated unit in Rajasthan, which will add 3.30 MTPA clinker capacity and 3.5 MTPA grinding capacity.

This expansion in Odisha not only strengthens JSW Cement's market position but also contributes to the overall growth and development of Eastern India's infrastructure sector. As the region continues to develop, the demand for cement is expected to rise, positioning JSW Cement favorably to capitalize on these opportunities.

About JSW Cement

As JSW Cement continues to expand its operations and maintain its commitment to sustainable practices, it is well-positioned to play a significant role in India's infrastructure development, particularly in the eastern region.