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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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