Why is JSW cements raising funding for its cement expansion from PE funds?

JSW Cement plans to raise Rs.1,500 crore from Apollo Global and Synergy Metals against the issue of cumulative convertible preference shares (CCPS). The value of the convertible will be linked to performance of JSW Cement. Clearly, JSW Cement wants to accelerate its capacity expansion from 14MTPA to 25 MTPA by 2024. JSW Cement IPO is slated in 18 months. JSW focuses on green building materials, which appeals to global PE funds.