JSW pours Rs.3,000 cr into auto push, triples borrowing limit
NEW DELHI, May 27 -- JSW Group has infused Rs.3,000 crore into its automobile business and tripled its borrowing limit to Rs.15,000 crore, accelerating billionaire Sajjan Jindal's push to build a fully-owned automobile manufacturing business ahead of its first vehicle launch later this year.
The latest capital infusion-the largest single round of promoter funding into the business since it was incorporated in 2023-comes as JSW steps up its push into passenger and commercial vehicles, seeking an independent play beyond its existing joint venture with China's SAIC Motor, formed in 2024. Jindal family-owned JSW Green Mobility Ltd, which houses the group's passenger and commercial vehicle businesses, issued compulsory convertible participating preference shares worth Rs.3,000 crore to another promoter-owned entity, JSW Projects, in April, according to a 23 April disclosure made to the Ministry of Corporate Affairs. The funds will be allocated to the company in tranches, with the first tranche of Rs.500 crore already released, filings showed. Separately, JSW Green Mobility increased its borrowing limit from Rs.5,000 crore to Rs.15,000 crore, according to a regulatory filing dated 11 May.
With the latest tranche, the Jindal family has infused Rs.5,600 crore into the automobile venture since the company was incorporated....
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