NEW DELHI: While the recently announced 50% US tariffs will have no direct impact on the cement or steel sectors, the move has dented market sentiment, says Parth Jindal, managing director of JSW Cement.
“The impact will mostly be on gems and jewellery, textiles, toys and auto components. “But sentiment matters," said Jindal whole responding to a question by TNIE. Calling the development “unfortunate,” Jindal said the US and India must not let decades of bilateral progress be undone by protectionist measures.
“This is no way to treat India,” he said, voicing strong support for the Indian government’s stance. Jindal also acknowledged potential cost pressures from rupee depreciation, which could increase the cost of importing coal and petcoke.
JSW Cement, he said, may shift its fuel mix more heavily toward domestic sources, potentially flipping the current 60:40 import-domestic ratio. JSW Cement, which is in the capital market with its IPO, is aiming to increase its capacity from the current 20 million tonne capacity to 60 million tonne.
Asked why JSW Cement opted for an IPO instead of raising fresh private equity, Jindal explained that the company had reached a critical size—20 million tonnes of capacity, making it a top-10 player with a roadmap to break into the top five. “JSW is a well-known brand, and we had always planned to go public once we hit 20 million tonnes,” he said, adding that favourable market conditions allowed the company to proceed without delay.