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JSW Group planning foray into Indian non-bank finance sector-The 18th China(Guangzhou ) Int’l Casting product Exhibition
6/7/2017 casting expo-Die-casting expo-foundry expo |
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Gulf Times reported that JSW Group, the Indian conglomerate led by steel tycoon Sajjan Jindal, is exploring a foray into non-banking financial services after previously announcing plans to produce electric vehicles and enter regional aviation. The Mumbai based group which runs the nation’s biggest steel producer and has interests in power, cement and ports is on a diversification drive beyond manufacturing, Mr Seshagiri Rao CFO said that we are examining and evaluating various opportunities in the non-banking financial space. We have a venture capital fund, so through that fund we get a lot of proposals.”
Jindal joins billionaire Ajay Piramal who has said he expects the non-banking financial services space to go through a “golden period” over the next few years as India’s economy expands at a brisk pace. At the same time, the nation’s banks are battling the world’s highest stressed assets ratio and have turned more cautious on lending.
Mr Ashvin Parekh managing partner of Ashvin Parekh Advisory Services said that “An NBFC is very lucrative if the company acquires or develops deep understanding of any economic segment. Groups such as Jindal have a presence in various markets and can acquire such knowledge adding that their ancillaries, suppliers and dealers could perhaps be the initial market they target.”
JSW plans to invest as much as INR 100 billion (USD 1.6 billion) in the non-banking firm and is speaking to various partners for a potential joint venture, according to a person familiar with the developments, who asked not to be identified as the matter is confidential. Mr Rao declined to comment on the investment and talks with potential partners.
-The 18th China(Guangzhou ) Int’l Casting
product Exhibition
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