Indian conglomerate eyes distressed port assets

Indian conglomerate eyes distressed port assets

Diverse Indian conglomerate JSW Group is after distressed local ports assets, its CFO has told Reuters. The group, which has a small exposure to ports already, is best known for its power, steel and cement holdings.

“We are going for inorganic growth as there are assets that is available and that makes more sense today, and at the same rates or rates much lower than that of organic growth,” CFO Seshagiri Rao told Reuters.

JSW’s current port assets handle around 33m tonnes a year, a figure the group is keen to grow to 200m by 2020.

A number of Indian port players have repeated significant losses of late and made clear their intentions to quit the sector.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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