Braj Binani Group, the Rs 2,500 crore company is looking to get its cement manufacturing flagship Binani Cement listed on Alternative Investment Market (AIM) of the London Stock Exchange.
The company is also discussing with overseas Chinese and Middle East banks to meet working capital needs of its Chinese and Dubai ventures.
Addressing the media at a meeting held in Kolkata on Thursday, Binani Cement managing director Vinod Juneja said, "We are exploring the possibility of an overseas listing to retire some of Binani Cements debt as well as enhance the companys corporate image. Though nothing has been decided as yet, a lot will depend on market conditions."
Besides this, the company also needs working capital of some $55 million for which it is in discussion with overseas banks. The debt-equity ratio is currently at 1:1 and a total debt (including working capital) of Rs 700 crore.
Binani Cement was listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) sometime last year after strategic investor JP Morgan decided to offload part of its holding in the open market.
In the meantime, Binani Cement is in the process of expanding its cement manufacturing capacity both in India as well as abroad to lift its overall production capacity to 15 million tonnes over the next three years (2011-12).
The companys Greenfield plant in Gujarat entailing an investment of around Rs 1,000 crore will have an installed capacity of about 2.5 million tonnes. The Rajasthan unit produces 6.25 million tonne while the China and Dubai plants will have an installed capacity of 2 million tonne each. The Mauritius plant will have an initial capacity of one million tonnes.
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