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.
