JSW Energy and JSW Steel are planning to raise a combined ₹2,850 crore, or about $298 million, through shorter-tenor bonds during the October-December quarter, according to bankers familiar with the plans. JSW Energy is expected to raise around ₹1,500 crore through bonds with maturities of up to five years, while JSW Steel could raise approximately ₹1,350 crore through three- or four-year debt. The companies may approach the bond market as early as October, depending on prevailing interest rates, the bankers said. JSW Energy’s bonds are rated AA by India Ratings, and the company has around ₹2,500 crore of outstanding bonds. The power producer, which operates thermal, hydro and renewable energy assets, last raised ₹800 crore through three-year and five-year bonds in March 2025 at coupon rates of 8.75% and 8.80%, respectively. JSW Steel, meanwhile, holds an AA+ rating from ICRA and India Ratings and has more than ₹6,100 crore of outstanding bonds. The steelmaker last accessed the bond market more than two years ago, raising ₹2,250 crore through five-year and seven-year securities at 8.35% and 8.43%, respectively. The proposed issuances would provide the two JSW Group companies with additional funding as they continue to finance their respective business and investment requirements.
JSW Energy and JSW Steel Plan Short-Term Bond Issuances
