Kolkata, Jul 19 (PTI) JSW Cement, a JSW group company is eyeing at a valuation of around Rs 30,0000 crore when it hits the IPO street with 10 per cent dilution.Also Read - SFI Demands Increase In Seats In Both Higher Secondary & UG Level In West Bengal

“We are looking at raising Rs 2,500-Rs 3,000 crore from diluting 10 per cent in the first phase,” JSW Cement managing director Parth Jindal said here today. Also Read - Prashant Kishor's I-PAC Team Confined to Hotel in Agartala, Police Says 'Routine Check-up'

Based on this total, the cement business will be valued at Rs 25,0000-Rs 30,0000 crore, he said. Also Read - India Unlocks: From Delhi To Karnataka, States Relax Covid Curbs: Check What's Allowed Where, What’s Not

“We are proposing for IPO after the 2019 general elections as we want to be a 20 million tonne cement company with limestone reserves in two to three states,” he said on the sidelines of the launch of JSW Cement in West Bengal from its Salboni site, which was initially proposed for an intregated steel plant.

The current rated capacity of JSW Cement is 10.3 million tonne and the company has recently invested Rs 1,850 crore in capacity ramp up and acquisition stake in Shiva Cement.

In Bengal, the company has a grinding facility, which is the largest with 2.4 million tonne capacity, it claimed.

Bengal is a annual 20 million tonne cement market with only 11 million tonne producing capacity.

This is published unedited from the PTI feed.