JSW eyes port asset acquisitions

Bymc2008

Updated Thu, 18 Feb 2016 17:36:00 GMT

According to the latest Reuters report, JSW Group is hoping to purchase distressed port assets in India as part of a wider move for a massive expansion of its ports capacity.

The acquisition attempt comes as many of JSW's competitors look to sell assets to pay off debt racked up in recent years, before India's economy began to cool.

Having borrowed heavily to expand its power and steel sections, JSW was named by Credit Suisse last year as one of India's 10 most indebted groups.

JSW Infrastructure currently has a port capacity of 33 million t spread across three ports on the western coast of India. The company plans to increase that six times to 200 million t by 2020.

JSW’s port and cement units both make money, and JSW can raise debt or equity to fund acquisitions.