Jayaswal Neco Industries secures a Rs 3,200 crore loan led by Kotak Mahindra Bank to refinance existing debt and support growth in the steel and commercial vehicle sectors.
Mumbai, Dec 14 (PTI) Manufacturing company Jayaswal Neco Industries has raised a loan of Rs 3,200 crore from a slew of lenders led by a Kotak Mahindra Bank arm to refinance existing loans, officials said on Thursday.
Kotak Strategic Situations India Fund II has invested Rs 1,500 crore in the non-convertible debentures issued by Jayaswal, as per a statement.
Kotak Strategic Situations India Fund II will be investing in the company -- a major player in the specialty auto grade alloy steel segment and primarily focused on the commercial vehicles segment -- from its USD 1.25 billion fund, the statement said.
"The investment in JNIL aligns with our fund's objective of providing solution capital to businesses with a positive outlook. We strongly believe that the Indian steel sector and the commercial vehicles segment will be the key drivers to India's continuing growth in the future," KSSIF's Chief Executive Eshwar Karra said.
The fund's partner Rahul Chhaparwal said the money will help the company refinance its debt and offer it the financial flexibility to achieve long-term growth.
The listed company owns and operates a 1 MTPA fully integrated steel plant in Chhattisgarh, the statement said.
The Jayaswal scrip closed 1.43 per cent up at Rs 51.03 apiece on the BSE on Thursday.
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