New Delhi, Jul 26 (PTI) Private equity funds Apollo Global Management, Advent International and Synergy Metals and Mining Fund are in the race to pick up a stake in JSW Cement, part of the USD 12 billion JSW Group, according to a source.

The three funds have moved to the next round of the minority stake sale of JSW Cement at valuation of around USD 1.5 billion, a source close to the development said.

JSW Cement is divesting a stake worth Rs 1,500 crore (USD 200 million) to fund its capital expenditure, the source said. This could be a combination of debt and equity, though it is yet to be finally decided.

Fair trade regulator CCI had earlier this month granted its nod to Synergy Metals Investments Holding to acquire a stake in Sajjan Jindal-led JSW Cement.

The Competition Commission of India (CCI) approved the stake acquisition in JSW Cement by Synergy Metals Investments Holding, a Dubai-based investment fund, under the green channel route.

Green channel is an automatic approval system, whereby a combination is deemed to have been approved by the CCI upon receiving the filing of the notice for the combination by the parties concerned.

Private equity funds Apollo Global Management and Advent International are also in the race, the source said.

When contacted, JSW Cement declined to comment on the development.

JSW Cement had already drawn an ambitious plan to expand its combined cement capacity to 25 million tonnes by 2023 at a capex of Rs 3,600 crore.

The company is in process of raising around Rs 1,500 crore through PE route by this fiscal.

JSW Cement has a capacity to produce 14 million tons per annum. It has plants at Vijayanagar in Karnataka, Nandyal in Andhra Pradesh, Dolvi in Maharashtra, Shiva Works in Odisha and Salboni in West Bengal.

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